Money News
The UK saw a small increase in the number of individuals declaring insolvencies according to The Insolvency Service. The Insolvency Service administer and investigate insolvencies along with offering information to the public with regards to it.
They declared that between January and March 2008 insolvencies rose by 1.7%, however the numbers are still lower than they were at this time last year.
When separated, the number of bankruptcies within the 25,264 figure, was at 15,651 (up by 0.1%), however IVA's - which are Individual Voluntary Arrangements - are catching up, as there were 9,614 which is up by 4.3%.
Despite the number being large, the figures are still lower than the ones recorded last year, and with current financial climates being rocky - were expecting this kind of result.
At the same time Halifax, the largest mortgage lender within the UK, has announced that house prices have definitely fallen. By 0.9%. The decline is expected through the rest of 2008 and bigger falls are anticipated in Scotland and Wales.
As lending tightens up, the rate at which mortgages are being approved is dropping considerably which is slowing down the housing market and causing prices to drop. It's the whole knock on effect which is started to spread.
In fact new mortgage approvals are at their lowest ever since 1990. The average house price is now £189,027 - still a whopping 8 times the average national salary though.
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