Barclays Wealth director and head of local markets Greg Ellison. (0550722)

How has the crisis that has rocked the world affected the island? More senior members of the business community continue
our look at the credit crunch one year on.
House sales fall as the purse strings are tightened – Greg Ellison
‘It doesn’t always follow that temporary volatility in the UK and global economy is replicated in Guernsey, However, it has been impossible to avoid the fallout.’
‘The cost of borrowing and stricter lending criteria being used by banks have caused problems for existing borrowers and for those buying a property.
‘Existing borrowers can shop around but the range and options are no longer there and in Guernsey this is compounded by the fact that it is not easy to swap lenders because of the costs of registering a bond and valuation and lending fees.