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UK: Housing and lending practices: The bad old days

Posted on 02 June 2011

The Telegraph reports that plans are under way to reintroduce 95% mortgages so that first-time buyers can get their feet on the property ladder. Less than three years after the worst financial crisis since the 1930s, caused by lax lending standards, the solution is…to lower lending standards.
If first-time buyers cannot afford houses, that is because prices are too high. One only has to look at Nationwide’s data on UK house prices to see that the ratio of prices to first-time buyers incomes is 4.3, higher than it was at any point between 1983 and 2003……………………………………….Full Article: Source


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