Bank Of Ireland Fears London’s Housing Market Is Overheating
Des Crowley, CEO of the Bank of Ireland believes that London’s property market is overheating. With the bank not giving out mortgages above £500,000, it means they are no exposed to properties in areas like Knightsbridge and Chelsea.
“We’re conservative in the London market, where it is quite heated, and it is difficult for first-time buyers in particular to get onto the housing ladder in the London area,” he said.
“We wouldn’t be doing many loans in Knightsbridge.”
Despite this the bank is growing across the UK, with hopes that this can be boosted across the UK following the launch of credit cards under the AA’s brand. But Crowley still has his fears and is concerned about the potential low interest in years to come.
To get the full story, head to The Telegraph.