- Monday, 29 March 2010There are growing concerns that falling house prices could leave people with negative equity in their homes and lead to a greater need for individual voluntary arrangement (
IVA) help.
Government figures from the Land Registry show that the average house price in England and Wales has fallen for the fourth month in a row.
It now stands at £164,455, 0.3 per cent less than it was the month before.
Wales bore the brunt of the month's decline, with house prices dropping by 2.4 per cent in February.
Not all regions suffered the same fate, however, as house prices in the north-west climbed by 3.6 per cent.
Just nine regions across England and Wales experienced property price growth in the last 12 months.
In the last year house prices in London rose by almost 12 per cent, but the north-east saw values tumble by 3.6 per cent.
More impoverished areas would appear to have been worse affected than others. This means that people already struggling on tight budgets could find themselves with negative equity on their homes.
Experts advise anyone struggling with financial worries to seek professional debt advice as early as possible.
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
| |
Money Debt and Credit Ltd, Registered in England & Wales No.05588842.
Registered Office: 45 Clarendon Road, Watford WD17 1SZ
Consumer Credit Licence Number: 0580960