Real Estate

Mortgage mayhem sparks fears of a housing market crash in Britain

0


U.K. mortgage rates have skyrocketed since Finance Minister Kwasi Kwarteng’s mini-budget on Sept. 23, prompting banks to pull mortgage products threatening a deepen an expected housing market downturn.

Dan Kitwood | Getty Images

LONDON — There are growing fears of a housing market crash in the U.K., after a swathe of tax cuts announced by the government sent interest rate expectations soaring, driving up lending rates for homebuyers.

Finance Minister Kwasi Kwarteng’s so-called mini-budget on Sept. 23 spooked markets with £45 billion ($50.5 billion) of debt-funded tax cuts, triggering a massive spike in government bond yields. These are used by mortgage providers to price fixed-rate…



Source cnbc.com

0 0 votes
Article Rating

GM adds ex-Lyft and Tesla executive Jon McNeill as board member

Previous article

Ford’s sales up 16% in third quarter, despite September decline

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Real Estate