Debt consolidation may be required with house price hikes
Debt consolidation may be required with house price hikes
Thursday 7th January 2010
In December, house prices went up by 1.1 per cent according to the Halifax, taking the average cost of a home in the UK to £169,042.
House prices have risen by 9.4 per cent since April 2009, which means that buying a home costs on average £14,552 than it did nine months ago, the BBC reports.
The steady rise in house prices has been linked to a shortage in the number of new properties being put on the market which has created a shortage. An increase in the number of sellers could result in prices flattening out.
Housing economist at Halifax Martin Ellis said: "The prospects for the market this year will depend on how the UK economy evolves and whether there is a significant increase in the supply of properties for sale.
"The significant cut in interest rates following the worldwide financial upheaval in the autumn of 2008 has markedly reduced the burden of servicing a mortgage for many households."
The Bank of England's Monetary Policy Committee is due to announce whether or not it is increasing interest rates today, and a rise in interest rates could have a major impact on transactions in the housing market.
People who are struggling with owing money but want to buy a house could talk to a debt management company to find out more about debt consolidation loans.
News article brought to you by Debt1 – The debt consolidation company
Related News
Petrol price hikes may lead to debt management - 06/01/10
Petrol prices have reached £5 a gallon for the first time in 15 months, according to the AA
Petrol prices have reached £5 a gallon for the first time in 15 months, according to the AA
Unemployed may require debt consolidation - 04/01/10
The Chartered Institute of Personnel and Development (CIPD) said the UK labour market faces "tough times" ahead, as unemployment continued to rise for the first half of 2010
The Chartered Institute of Personnel and Development (CIPD) said the UK labour market faces "tough times" ahead, as unemployment continued to rise for the first half of 2010
Stamp duty losers may need debt management - 31/12/09
Many people stand to lose out as a result of stamp duty changes, which come into effect on January 1st 2010, and could require debt management as a result
Many people stand to lose out as a result of stamp duty changes, which come into effect on January 1st 2010, and could require debt management as a result
Need for debt management could increase as Brits save less - 30/12/09
Britons' collective level of debt did not significantly decrease during the third quarter of this year, despite a notable fall in the amount of people saving
Britons' collective level of debt did not significantly decrease during the third quarter of this year, despite a notable fall in the amount of people saving
Spending precautions urged ahead of January sales - 29/12/09
Individuals with debt management plans hoping to make the most of the January sales should take a few precautions to ensure they do not overspend
Individuals with debt management plans hoping to make the most of the January sales should take a few precautions to ensure they do not overspend
News Article Search
Quick Apply
News Archive