House prices fell again in June!

Although the Halifax had announced an increase in the property prices as of late, they also announced that in June house prices fell by 0.5%. They have said that this year house prices house prices had not fallen as dramatically as last year and that the market has stabilised slightly. There are some many predictions being made by so many of the property professionals i.e. Royal Institution of Chartered Surveyors (RICS), but none of these predictions are accurate.

We feel that the housing market is going to continue to fall at a slower rate well into 2010, which PricewaterhouseCoopers has also predicted. But who is right?

There are so many people at the moment looking to stop repossession of their homes due to having substantial mortgage arrears, and this maybe because they have been made redundant. The Council of Mortgage Lenders (CML) predicted the number of people that will actually be repossessed, not trying to stop repossession but actually repossessed, will be around 65,000. This is lower than there initial prediction at the beginning of the year. The number of people having to take pay cuts or being made redundant in phenomenal and it is putting them in financial difficulties.

There are a number of people offering advice out there, so if you struggling financially don’t burry your head in the sand. Seek advice from a financial advisor, please see financial advisor selection, which informs you on how to select the right person to speak to.