Property Rescue Blog

The Land Registry confirmed that house prices in England and Wales fell 1.3% last year to an average of £160,000, with little chance of change in 2012.

People are showing real reluctance to take on new debts due to unemployment rising and the current economic climate.

Families who are already under pressure due to the current tough economic climate face even more difficulties meeting their household financial commitments as water bills in England and Wales are set to rise by 5.7% in April 2012.

Latest figures show that the Eurozone crisis has created uncertainty in the UK mortgage market as UK gross mortgage lending fell in December, down 12% on November.

Just days after official figures showed the UK’s unemployment rate had risen to its highest level for 16 years, an increasing number of people in the UK are planning to cut back on their spending this year.

With households on tighter budgets each month, the Government is trying to force down Inflation to keep on their 2% target for the end of 2012.

Official figures show that the UK unemployment rate has reached just shy of 2.7 million.

Retailers have been forced to slash their prices in a bid to attract worried consumers who are staying away following an expensive Christmas.

According to Nationwide, the Consumer Confidence level dropping to 38 in December was due to the rising cost of living and the severe debt crisis in the Eurozone.

The independent Institute for Fiscal Studies (IFS) has stated that George Osborne's economic plans will introduce a sharp drop in Briton’s wages. The “think tank” said overall household income would sink on an average of 7.4% between 2012-2013.