Debt consolidation needs could increase as low-end property prices fall

Friday 31st July 2009

The average property price in the UK increased last month for the first time since April last year.

However, while some experts are heralding the end of the housing market slump and a return to buoyancy, the figures are not quite as promising as they might seem - particularly for those with properties at the lower end of the price spectrum.

While overall average house prices may have increased in June, low-end property values decreased, a fact overlooked by those eager to suggest that the market has finally bottomed out.

Property owners struggling financially who are reluctant to sell their house until the market recovers could consider seeking debt consolidation advice to pool their loans and reorder their finances into a more manageable system.

While houses at the bottom end of the market have lost value, those at the top-end have increased in price. It is as a result of this that the market discrepancy has occurred.

Selwyn Lim, director at property market information company Mouseprice, said that the reason for this was house price fluctuations in London.

He said: "London has outperformed the rest of the country over the last couple of months and, bearing in mind that London property is on average a lot more than the rest of the country that could possibly be behind the discrepancy."

For those who have not seen their London property rise in price, are struggling financially, but do not wish to sell their property while the market continues to struggle, debt consolidation could help you cope until the market recovers.

In June, UK properties were sold at an average of £155,600.

News article brought to you by Debt1 – The debt consolidation company

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