London Cash Buyers Send Banks North To Riskier Loans

Traditionally, home prices in England rise first in the capital city and over time they tended to catch up in the north, according to Scott Orford, a lecturer at Cardiff University who studies the U.K. housing market. However, in the last 10 years, and particularly since the housing market crash, there has been more disjoint, he said. The north doesnt seem to be catching up at all. Suffering North The north of England, defined as Northwest England, North East & Cumbria and Yorkshire, has suffered economically since its decline as an industrial center after World War II. Incomes and earnings power are lower in the north, said Ed Ferrari, a lecturer at the University of Sheffield who has studied the U.K.s housing-market volatility. The north has the land to develop housing. What it doesnt have is demand for that housing, he said. The government should focus on improving housing supply rather than demand, Ferrari said. In Liverpool, the council offered 20 dilapidated homes for sale for 1 pound each in February. More than 1,000 people applied to buy the properties, according to the councils website. About 9 percent of borrowers in the north were in negative equity in the first quarter of this year, up from 8.5 percent in the fourth quarter of 2011, Standard & Poors analysts including Mark Boyce wrote in a June 19 report. That compares with an estimated 2 percent of homeowners in the south whose properties are worth less than they owe on their mortgages, S&P estimates. Government Cuts The region may also be hurt by the governments plan to fire 1.2 million workers from 2011 through the first quarter of 2018, because a higher proportion of their employees work there, S&P said.

London Internet Exchange (LINX) Selects CoreSite Data Center for First North American Peering Exchange

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