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This is why Britain's banks will suffer greatly if Brexit kills the housing market

Mortgages account for such a huge amount of bank lending, meaning that if prices were to plunge, Britain could find itself back in the depths of a credit crisis. This is not a theory that is out of this world. Already, sterling is at a 31-year low, and companies and banks are either cutting jobs or are warning of cutting jobs due to Brexit. HSBC released a huge chartbook this week detailing the state of the UK housing market as of October and nestled within the report is a key table showing how integral housing is to the financial system due to the amount banks lend to people to buy a home.
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