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Why UK holiday homes are on the brink of a meltdown

August 10, 2021 Comments Off on Why UK holiday homes are on the brink of a meltdown By admin

10:10:00 The Bank of England is set to issue new guidance on holiday homes.

It will warn that many holiday homes built in the past 10 years are on their way to bankruptcy.

The bank has said the current financial condition of many holiday properties is unsustainable and that a range of factors, including the increasing costs of the building process, will result in the UK’s share price falling over the next three years.

The government has said it is prepared to take on more debt to prop up the market.

The BIS has also raised the risk of a financial collapse in holiday homes that could lead to the closure of the market entirely.

The agency said that the risk is rising as holiday houses become more expensive to maintain and as other factors such as population growth and demand for more housing are added to the mix.

More: BIS says Brexit could trigger a financial meltdown in holiday properties More to come.

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