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City bonus meltdown affects top end home purchases
The steady growth in city bonuses over the past few years has helped fuel the price rises attached to the more desirable properties. During 2006 the amount paid to city dealers and bankers was a total 8.8 billion pounds, a whapping 5.5 million of that was spent on property accounting for a total of 62 per cent. This year bonus payments are expected to be down to 6.2 billion and only 30 per cent of that is predicted to be spent on property. The credit crunch has hit the city badly and many of those used to reaping huge annual bonuses are now fearing the loss of their jobs.
Property prices have doubled in the last five years but estate agents selling the most desirable properties in London and the home counties have noticed a marked downturn in their fortunes as vendors accept lower offers. A fifth of London's workforce are employed in the financial services.
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