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Joan Collins Forced To Sell Home Due To Credit Crunch

Joan Collins, the British actress, has been forced to sell one of her four homes due to the credit crunch. The news source is the online magazine the Telegraph.

The 78 year-old has put her three-bedroom, three-bathroom Manhattan apartment on the market because she can "no longer afford to keep it".

The former Dynasty star, who also has homes in Los Angeles, London and the south of France, admitted the recession had taken its toll on her personal fortune.

"We always knew that there would probably come a time when either our LA home or this one would have to go and we have made the sad decision that it will be this place," she said.

"Many people have said to us, 'How on earth can you afford to keep four homes?' And the fact is, in this day and age, we can'tâ she added.

She added to Hello! magazine: "We can no longer afford to keep it."

On the other hand, the figures given by the same magazine state that inflation is seen to be running the highest in the last 30 months and is now expected to touch 5% in near future.

Inflation as measured by the retail price index (RPI), which includes more housing costs and is weighted differently, came in at 4.5pc.Also, the rising inflation also hurts the UK's growth prospects as it erodes companies and households' spending power, with the Bank now forecasting an annual growth rate of under 2.9pc two years from now, down from an earlier estimate of 3.1pc.

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