Short the banks7 Feb 2021 18:08
Who else thinks that UK banks & lenders could be heading for a big short. About 16% of the UK housing stock (flats) has been declared unsellable due to post Grenfell cladding issues, only 1 in 9 buildings is passing fire tests the rest of them require expensive remediation work. Government is missing in action and are expected to pass the lion share of costs on to leaseholders. Leaseholders faced with huge bills which will push them into negative equity, rising service charges for insurance etc and furlough ending is a perfect storm, bankcruptcies and defaults are on the rise, reposession is a nightmare for the banks because they can not sell or rent the propteries until the expensive fire issues are fixed, toxic assets. This would be the catalyst for the huge market sell off predicted.