Thursday 26th of March 2009
It could be some time before the UK property market begins to recover, an expert has suggested.
According to Firstrung, any return to normality is only likely to come after an extended period.
Chief executive of the first-time buyer specialist Paul Holmes explained that people who are in negative equity should not expect the value of their homes to bounce back soon, a suggestion that may prompt people who are particularly hard hit to seek IVA advice.
Recent figures from Halifax revealed that the average price of home in the UK dropped 2.3 per cent last month and 17.7 per cent over the last year, with values now at a similar level to that of August 2004.
And Mr Holmes remarked: "It doesn’t turn around in a month; this market turned in about August 2008 when it started to get very nasty and it is going to continue that way for a long time."
- 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
- Demand for information on IVAs to increase with credit card lending?
