Britain’s Housing Market is Benefiting from Not Being in the Euro

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Britain is not a player in the Euro

Overseas buyers are investing in expensive properties, primarily in London, rather than putting their money in more “vulnerable” euro zone areas, they said.  A total of 17 per cent more estate agents reported a rise than a fall in house prices last month, up from 9 per cent in March, according to the Royal Institution of Chartered Surveyors.

 

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Wealthy Greeks Drive Up London’s Luxury Home Prices in ‘Safe Haven’ Buying

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London’s Knightsbridge area is one of those that has attracted Greek buyers.

The U.K. has a record budget deficit, weak economic growth and may soon face a hung parliament. For wealthy Greeks, it’s a safe haven.   Greek buyers now account for 6 percent of all purchases of London properties costing more than 2 million pounds ($3 million), double the average of the past three years, as they try to protect their assets from the country’s debt crisis, London-based Knight Frank said in an e-mailed statement today.

 

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Five Greatest Risks to the Future of the Euro Zone

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Anti-capitalist graffiti in Athens, Greece

First it was Greece. Then came Portugal and Spain, with Ireland and Italy not far behind. The financial crisis has driven up public debt in Europe’s common currency zone to such heights that many economists fear the euro could collapse.

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European Economy Unsettled by Debt Crisis

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A couple looking at a shop in Greece as the economy has suffered a major deficit crisis.

Governments in Athens, Madrid and Lisbon struggled on Friday to quell fears of a looming debt crisis in Europe that is pummeling the euro and rippling across global markets, as authorities vowed to impose fiscal austerity and plug their yawning budget deficits. The problem, however, is that investors don’t appear to believe them.

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Could There Be A Euro-Zone Breakup?

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The first leg of the financial crisis seems to be behind us and most European economies are reemerging from recession. Attention is now shifting towards the sustainability of public finances. The latest European Commission forecasts show the public debt-to-GDP ratio for euro-zone countries rising to 88% in 2011 from 69% as recently as 2008. Government borrowing is increasing sharply, fed by dwindling revenues and the cost of supporting the financial and other sectors.

 

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Thai Tailors Stitch To Advertising In Euros

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James sez, “The slow decline of the US dollar as a global currency continues with the tailors of Bangkok now advertising their rates in Euros. Advertisements for tailors can be found on the free tourist maps of Bangkok. I was in Bangkok in 2005 and all of the prices were in USD. Now the advertisements are in Euros.”

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