UK Money News
7th February 2008
Darling rules US-style housing crash
The Chancellor of the Exchequer Alistair Darling has ruled out a repeat of the US sub-prime crisis in the UK property market.
Addressing the EEF Manufacturers Biennial Dinner last night, Mr Darling said that the likelihood of a property crash is slim because of the "important differences between the housing market in the US and the housing market here".
He said: "While many US mortgages were sold at hugely discounted rates, leaving people unable to meet repayments when rates increased, lenders in the UK have been more responsible in taking account of an individual’s ability to pay. And demand for housing outstrips supply."
Mr Darling also rubbished reports that the levels of repossessions in the UK market are set to return to those witnessed during the 1990s crash on the grounds that the economic climate is now significantly different.
"Market conditions today are very different from those we saw in the early 1990s. Interest rates remain at comparatively low levels - as do mortgage rates. And unemployment is currently at 30-year lows," he said.
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