July 31, 2007 | posted by Michael Baxter in IABN |

What have the Brits, the Danes, the Swedes the Norse and the Kiwis all got in common? Answer, according to credit ratings agency Fitch, these are the countries most vulnerable to a potential crash in house prices.

And on that list of potential trouble, the UK sits rather ignominiously in third place.

According to Fitch, your average property in the UK is 20 per cent overvalued. Its arithmetic is fairly simple. In the UK over the last 10 years house prices have grown by 210 per cent, income by 53 per cent.

But it’s not just the high price of house prices that are a problem, apparently house prices are overvalued in France too, but the level of personal debt in France is more modest. The Brits, along with our Scandinavian friends and the New Zealanders are all made vulnerable by high levels of debt, or so says Fitch

Copyright #169; 1996-2007 Find.co.uk Limited. All rights reserved