Credit crunch dulls shine of England's northeast
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It was held up by politicians two  years ago as a model for economic revival for others in Europe.  Now England's northeast is a frontline for the impact of a  credit crisis that began in California.
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House prices in England and Wales fell slightly in August, property research company Hometrack says, offering another sign the market may be cooling in the face of higher interest rates.
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The Bank of England on Thursday left its key interest rate at 5.50 percent, opting against back-to-back cuts amid a gloomy economic outlook at home and abroad.
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First-time buyers cannot afford to buy a home in 92% of UK towns, a Halifax survey says.
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Disappointing data come as credit crisis looms.
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Mervyn King, governor of the Bank of England, likens the British economy to a ship buffeted by strong crosswinds. From across the Atlantic blows the credit squeeze, sapping output growth. From the east a blast of higher energy and food prices stirs up inflation.
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People in Manchester and Glasgow feel most under financial pressure, but the bankruptcy hotspots are in the South.
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House prices fell at their sharpest rate in four years in October, the Halifax bank says, in another sign that the property boom is over.
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Business & money: Spending binge looks likely to be followed by a big rise in personal insolvencies and falling house prices
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The Bank of England provided emergency funding to mortgage lender Northern Rock PLC on Friday after the bank, citing the global credit squeeze triggered by the U.S. subprime mortgage crisis, said it was unable to line up short-term loans from other financial institutions. Even after the central bank issued a statement saying Northern Rock was solvent, slow moving lines of customers snaked through its doors to make withdrawals.
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The UK's biggest mortgage lender, the Halifax, says house prices fell by 0.5% in October.
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The central bank doubled the amount of emergency loans made available to British banks caught short in the global credit squeeze.
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Asian and European stocks fell on Monday while sterling hit a one-year low as concerns over financing for banks grew after UK mortgage lender Northern Rock  tapped the Bank of England for an emergency loan last week.
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The Bank of England on Friday provided emergency financial support to the first major British bank to be severely hit by the credit crunch sparked by the US home loan crisis.
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The double whammy of a worsening housing slump and a credit crunch is punching the economy in its gut. That's likely to mean a period of slower activity in the months ahead.
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On Thursday 13th September, after the market had closed, the Bank of England announced to have provided emergency cash to Northern Rock, the fifth largest mortgage lender in the country. The Bank of England played down the intervention, saying that it is not a "bail-out" but rather a loan meant to ease the bank's difficulties in financing its short-term operations in the face of the recent market turmoil. The bank's assets are reportedly solid and there is no risk for shareholders.  In spite of this reassurance, the stock price of this former market darling tumbled 30% on Friday. People were seen queing outside branches while the website went down as the bank clients rushed to withdraw their money using the online banking facility.  It's the first time in my life I've seen that Great Depression staple, the bank run.
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Welcome to the dawn of a new credit  cycle, with tighter bank lending, rising costs for riskier  borrowers and a slowing economy.