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House prices continue increase through the early part of 2007

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.

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