Britain may be more at risk of a US-style subprime housing slump than previously thought according to the first detailed UK map that shows where subprime mortgage lending is concentrated.
Mortgages made to subprime borrowers – home owners with a shaky credit history – account for 10 to 11% of all private homes in six UK towns, data from FitchRatings show.
The towns are: Newport, Cleveland, Wolverhampton, Cardiff, Manchester and Galashiels, Scotland.
Financial Times 19/04/08 page 1
