- Friday, 2 October 2009The average house price in England and Wales declined in August, fuelling further concerns that the recession continues to bite.
According to the Land Registry figures for the month of August, the average home price fell by 0.1 per cent from July to £155,968.
While the fall is significantly better than declines experienced earlier in the year, the lack of growth could continue to thwart people's desire and ability to sell their homes and alleviate debt problems.
As such, the number of people entering into
individual voluntary agreements (IVAs) could potentially increase.
David Amstell, founder of property website Briffy.com, said: "Well, they keep saying money is coming into the market, but it's not, for some reason; rates are not good.
"It's particularly [bad for] existing borrowers. There's not much confidence in the market."
Year-on-year the average house price is down 9.4 per cent.
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