The report provides an evaluation of the consequences of the credit crunch for property in UK. It demonstrates that the credit crunch is having a comprehensive impact on investment, development and occupational markets and due to effect of credit crunch on the wider economy the result for property markets and commercial market is uncertain. With its heavy reliance on the financial and business service sector significant falls in transaction levels have already occurred in all the sectors of property markets i.e. office, residential and retail markets. Details regarding affordable housing provisions and commercial offices are gathered by conducting in-depth interview with the local land lords and estate agents hence providing the reasons behind the deterioration in UK's property markets.
[...] This was due to the fact that most of its funds were being raised in the wholesale market that is from other financial institutions rather than deposits from retail customers. The problems of the US sub prime mortgage crisis, to which most UK banks remain exposed, dried up Northern Rock's funding. (Source: http://www.wellestates.com/northern_rock_disaster.htm, Leslie Hardy March 2008). Northern Rock can be considered as a good example of how has the credit crunch affected the UK economy. In the wake of the Northern Rock collapse and the credit crunch, good news was in short supply. [...]
[...] As said by Ian Dey (1993) “Comprehensive comparison between qualitative and quantitative is made in order to reach deep understanding and to build strong foundation for qualitative data analysis” (Source: http://www.geocities.com/zulkardi/fauzan.html ) Literature Review: We have conducted a detailed research on credit crunch and the UK property market therefore as per Anselm L. Strauss & Juliet Corbin Grounded theory methodology are now among the most influential and widely used modes of carrying out qualitative research when/08 generating theory is the researchers principal aims. [...]
[...] With the start of Credit Crunch, there is decline in Housing and Commercial Property Market because of the loans provided by banks or other financial companies are of high interest rates which continuous increasing in Inflation. Due to this the major house builders and other real estate companies are about to cut many jobs which can result in unemployment on a very large scale. It is expected that unemployment might rise up to 8 percent till 2010. (Source: “City A.M. [...]
[...] From the graph given below the growth of interest rates in the developed nation in terms of credit crunch can be seen and how it has affected the UK house prices:- (Adapted from: http://www.marketoracle.co.uk/Article1694.html, accessed on 20/08/08). Above graph shows over a decade there has been continuous instability within all three large economies. As we all know that credit crunch is initiated from united states it can be clearly seen in the graph where from 2001 to 2004 the rates was stable however mid of 2004 there was a drastic increase in interest rates in USA which continues to grow. [...]
[...] References: (Source: http://new.wales.gov.uk/about/aboutresearch/social/glossary/?lang=en, accessed on 23/07/2008) Joe Taylor (August 27, 2007) Understanding The Credit Crunch [Online] Available from URL: http://oakstreetadvisors.blogspot.com/2007/08/understanding-credit- crunch.html [Accessed 20 July 2008] Howard Fletcher ( February 24, 2008) Understanding The Credit Crunch [Online] Available from URL: http://ezinearticles.com/?Understanding-The-Credit- Crunch&id=1005553 [Accessed 20 July 2008] Pentti Routi ( August ) Models in the Research Process [Online] Available from URL: http://www2.uiah.fi/projects/metodi/177.htm [Accessed 18 July 2008] Ian Dey (1993) Qualitative Data Analysis [Online], London Available from URL: http://www.geocities.com/zulkardi/fauzan.html [Accessed 21 July 2008] Ben Bernanke, Cara Lown (1991) National City (March 2008)-Financial Market outlook-“Credit Crunch” reality check [Online] Available from URL: https://www.nationalcity.com/content/main/microsite/economics/pages/doc uments/r0308fmo.pdf [Accessed 20 July 2008] (Source: The Economist, March 15th-21st, Page 14 and 15) Andrew Clark (July 15, 2008), The Guardian - Credit crunch: Fannie and Freddie rescued by government loan, New York [Online] Available from URL: http://www.guardian.co.uk/business/2008/jul/15/subprimecrisis.markettur moil [Accessed 20 July 2008] (Source: “http://www.rbooks.co.uk/product.aspx?id=1847920306” [Dan Atkinson, Larry Elliot published on 5 June 2008, accessed [...]
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