House prices rise during March 2007
The
Halifax reported a rise of 1% in house prices during March. The
average house price s now thought to be in the region of £194,000.
Many
industry experts now believe that the continuing boom is not only
unsustainable but likely to represent a serious threat to the economy
unless a correction occurs. It is expected that during the back end of
2007 and into 2008, house prices will fall although a "crash" is
thought to be unlikely.
The
current state of the housing market contrasts sharply with the
explosion in the numbers of bankruptcies and debt related problems in
the UK. Many people are being forced to
petition for bankruptcy
or resort to
IVA's in a desperate attempt to remove themselves from
burgeoning debts.
The
numbers of homes being repossessed continues to rise
This year
will see the implementation of the
Home Information Packs
which are designed to help buyers make considered property purchases
in a safer environment than traditionally has been the case.
