Housing market still reeling a decade after financial crisis, Savills says

Report by estate agent finds ‘dramatic slump’ in spending and transactions, and ‘huge gap’ between London and rest of UK

Ten years on the housing market is still feeling the after-effects of the credit crunch, with existing homeowners struggling to trade up, a doubling of typical first-time buyer deposits, and a “huge gap” between London and the rest of Britain, according to a new report.

Property company Savills has found that the global financial crisis – which it considers to have started on 9 August 2007, when the French bank BNP Paribas froze three investment funds – is “still shaping the UK housing market” and will continue to cast its shadow over the sector for years to come.

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