House prices fall in September

3 October 2008

The price of a typical house fell by 1.7% in September, to £161,797, according to Nationwide Building Society.

For people in debt, this fall potentially limits their choice of debt solutions.

“Borrowers thinking about consolidating their debts by remortgaging will need to think very carefully about the amount of equity in their property, and talk to an expert debt adviser about their options,” said a spokesperson for Think Money.

“There are still plenty of homeowners with substantial levels of equity in their property, but the current downward trend is clearly reducing those levels.

“At a time like this, with house prices declining and credit less available than it used to be, people with debt problems should consider all available debt solutions, including debt management plans and IVAs (Individual Voluntary Arrangements). Again, the key thing is to talk to a debt specialist who can provide expert advice on the pros and cons of each debt solution.”

---

Think Money provide a range of debt solutions, including debt management plans, debt consolidation and IVAs (Individual Voluntary Arrangements). If you are struggling with debt, contact one of our expert debt advisers now.

Our initial advice on your best financial solution is free. Fees payable when continuing service is provided. Calls may be recorded for training and quality purposes.