- Wednesday, 16 September 2009The number of people entering into
individual voluntary agreements (IVAs) could increase with warnings of house price stagnation.
According to Ernst & Young ITEM Club, house prices are expected to remain as they are until 2011, but will not return to levels comparable to 2007 for another three years after that.
People who are struggling financially could find that the loss of value in what is often their most prized asset could put them in far deeper trouble.
Gary Smith, president of the National Association of Estate Agents, said that although next year's general election could have an affect, he did not believe house prices would take five years to recover to previous levels.
He commented: "I wouldn't have said it was going to be that long because prices are already recovering.
"General elections are normally followed by a tightening of the belts. In that sense, there could be a period where house prices are not increasing as much as they should."
The Council of Mortgage Lenders reported this week (September 14th) that there had been a year-on-year increase in mortgage approvals for the first time since early 2007.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
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