UK Money News
16th May 2008
12.5% housing slump predicted
Property prices in the UK will experience a 12.5 per cent decline over the next two years, according to Investec.
The South African bank, which acquired sub-prime mortgage lender Kensington Group in a £283m deal last year, issued the stark warning only days after the government's forecast of a 5-10 per cent annual fall "at best" were embarrassingly exposed.
Investec has struggled recently due to its exposure to the credit crunch, which has so far forced it writedown assets worth £48.9 million.
Chief executive Stephen Koseff told The Daily Telegraph that he does not expect this figure to rise significantly in the near future. However, the financial institution still has £16m of credit market assets invested in the US sub-prime market.
He explained to the newspaper: "We think the storm in the markets is now over and we're now dealing with the aftermath. There is no room for complacency."
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