Thursday, November 15, 2007

Credit crunch hits top end of housing market

LONDON (Reuters) - Ongoing turmoil in financial markets has started hitting the top end of Britain's housing market, according to estate agents, exacerbating worries of a sharp slowdown in the wider property market.

House prices in Britain have more than doubled in the last five years and the London market has led the way as a booming financial services sector has encouraged bankers to shell out huge sums for properties in the capital's most desirable areas as well as invest in buy-to-let homes across the country.

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