Drop in London Property Price

Mel — Sun, 05 Oct 2008 16:05:17 +0000

The price of a home in the tax haven has leapt up an incredible 30 per cent in the last year which puts it ahead of London for the first time in five years.Prices in the capital have risen by less then two per cent as the effects of the economic downturn begin to be felt. This contrasts sharply with the final phase of the UK property boom when property prices rocketed by 50 per cent.Demand in property in monaco is high eventough short of suply, based on YourMonaco.comMonaco, traditionally an oasis for the rich and famous, is home to the world’s most expensive street, Avenue Princess Grace, where a four-bedroom apartment can cost £22 million.However, they predicted that the market would slow as the financial turmoil of the past few months begins to be felt more strongly.

House prices are tumbling; it’s easier to get blood from a stone than borrow a mortgage at a decent rate; stock markets around the world are on a rollercoaster ride; and inflation is still expected to rise for another month or two yet.

The current economic situation is a nightmare scenario for many of us. But the extent of the impact of the credit crunch on your finances differs dramatically according to how old you are. If you are young, in a reasonably secure job and hoping to buy your first home sometime soon, the current turmoil could actually be a good thing. But if you are close to retirement, have student children who depend on you for funding and still have debts of your own to pay off, it is likely to be a disaster.

This week, we will examine the problems that the credit crisis can cause people in their twenties and thirties. Next week, our experts will tackle the difficulties facing those nearing retirement age, and those who have already stopped working.

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Drop in London Property Price