If property prices are ‘bottoming’ out in the United States where are prices in these islands?

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Soaring property prices played such an important role in the financial crisis—fuelling ever more borrowing—that recovery is unlikely to be robust until the sector peps up. Figures from the Bank for International Settlements suggest that commercial property might at least be reaching an inflection point. Except in Ireland, where the dire state of banks is likely to curtail credit for some time, and Canada, which peaked late, prices are dropping gradually, if at all. American commercial-property prices have stopped falling, which may bode well for the residential market, where the subprime crisis originated. But future interest-rate rises in America and Europe could yet strangle any recovery.

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I am a regular contributor to discussion programmes on TV and radio both at home and abroad. An experienced political editor and author specialising in Politics, Security and 20th Century Art.

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