The Impact of Lehman Brothers on European Housing Markets 5 Years On

Kate Everett-Allen, International Residential Researcher at Knight Frank, said: “With the fifth anniversary of Lehman Brothers’ collapse approaching on September 15th we look at how Europe’s housing markets have fared, calculating each market’s average price change from Q3 2008 to date.
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Bank Interest Rate maintained at 0.5%

[caption id="attachment_4688" align="alignleft" width="300"] Bank of England Keeps Interest Rates Low![/caption] The Bank of Englands Monetary Policy Committee today agreed to maintain the official Bank Rate at 0.5%, the historical low introduced early on in the financial crisis. The means the bank base rate has been set at this low rate since 5th March 2009 and with the continuing uncertainty in the Eurozone, could be likely to keep it this way for a while. The Banks Committee also voted to maintain and not extend the asset purchase programme. This stands at £375 billion, which was increased to this level back on 5th July 2012.
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Amid uncertain times - Gross mortgage lending is up 13%

Although the negative news coming out of the Eurozone and Europe is impacting on the housing market, the recent figures from the Council of Mortgage Lenders show an increase in lending. Octobers grow mortgage lending was estimated to be £13.1 billion, a 13% increase year-on-year from October 2010. But behind the rosy figures shows the true impact that the uncertain austerity measures are providing, with lending actually down 4% over the month from September. In the market commentary, CML chief economist Bob Pannell observes: "The underlying picture in the housing and mortgage markets has not changed dramatically over recent weeks. The immediate direction of house purchase activity is a little unclear, although the story for remortgages, with strong year-on-year increases in activity this year, is for the time being more straightforward. "With the governments housing strategy and autumn statement due shortly, the housing market, with subdued levels of new build and demand,...
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UK Housing Market hit by Eurozone jitters

The Rightmove.co.uk House Price Index (HPI) for November 2011 sees a remarkable fall in house for sale prices and seller numbers. The November figures reported a large fall of -3.1% which is in complete contrast to the sizable positive 2.8% rise last month. This places the average asking price coming to the market at £232,144, down by a massive £7,528 – in just one month. Unsurprisingly this is the largest monthly fall since December 2007, but more surprisingly the 3rd largest percentage fall on record. Seller numbers down The uncertain economic outlook stemming from the Eurozone is also spooking seller numbers, with listing numbers down 13% on previous months. This represents the lowest November level since Lehman Brothers collapsed! Both a downturn in seller numbers and asking prices sends strong early warning signals to any sector reliant on consumer spending. The Upside is…. As with most negative news there is...
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0.5% remains for Interest Rates, £75bn more for the Economy

The Bank of England today took the decision to inject a further £75bn into the UK Economy via its programme of quantitaive easing (QE). This is in addition to the £200bn it has already pupmed into back in 2009. The Bank was widely expected to take some form of action either this month or next month after further economic data was released. However it looks like the data for the UK economony, showing that it grew by 0.1% - less than previously thought, caused a decision this month. Bank of England injects further £75bn into economy "In the United Kingdom, the path of output has been affected by a number of temporary factors, but the available indicators suggest that the underlying rate of growth has also moderated," the Bank said in a statement. Interest Rates The Bank also decided that it would keep the historic low interest rates at 0.5%, something at...
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