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Britain: The punters are back

November 4, 2013

The British government says it will make the dream of home ownership a reality. But experts are warning of a housing bubble and the banks already scent huge profits.

https://p.dw.com/p/1ABQv
Verkauft-Schilder der Immobilienmaklerei Banbury Ball an einem Gebäude, London, Grossbritannien / Sold signs of the Banbury Ball estate agents at a building, London, United Kingdom
Image: picture alliance/Bildagentur-online

David Cameron's government is guaranteeing and boosting mortgages even for buyers with a downpayment of just 5 percent - in other words, those who can't actually afford a house. That's fanning the flames on London's already overheated property market. The city is becoming increasingly unaffordable for ordinary citizens. House prices are rising by more than 1,000 euros a day.

Britain's Prime Minister David Cameron delivers a speech on immigration at the University Campus Suffolk, in Ipswich March 25, 2013. Cameron unveiled a sweeping immigration crackdown on Monday aimed at discouraging migrants from Romania and Bulgaria from moving to Britain when EU restrictions on their right to travel and work there expire next year. REUTERS/Chris Radburn/POOL (BRITAIN - Tags: POLITICS)
Image: Reuters