Thursday 16th of April 2009
Many homeowners in the UK fear that it will be some time before prices make a recovery, it has been revealed.
Research by first direct found that 16 per cent of people do not expect a steady recovery until 2012.
Should the prediction prove correct, those who are already in negative equity may need to consider non-borrowing options such as IVA help in order to repay their debt.
Meanwhile, the first direct poll also showed that a fifth of Britons are putting off major decisions such as marriage and having children due to uncertainty in the market.
In addition, 12 per cent fear they will never be able to enter the property market.
An indication that negative equity may force homeowners to seek IVA advice was recently given by Nationwide.
Chief economist Fionnuala Earley explained that despite a slight rise in prices in March, it is "far too soon" to say that a recovery is beginning.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVA advice could help Britons who reside in their overdrafts
