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Tuesday 12th August 2008
While officially speaking the UK is not in recession, in reality the economy continues to nose dive with disastrous consequences. News today has shown that not only are house prices under severe pressure but there is evidence of panic selling with sellers lowering their prices in order to try and force through a sale – never mind a quick sale!
News that just 14% of surveys are actually resulting in property sales, against a figure of 40% this time last year, has only served to further highlight the precarious state of the UK housing market. But does this absolute doom and gloom mean we are nearing the bottom? Are the signs of panic selling the start of the big sell off?
The stock market is a prime example of the traditional investment boom and bust scenario with panic selling often marking the turning point of the market. While we have not seen panic buying to the extent that you might expect, the signs are there. Rumours of a bid for Barratt Development, with two major institutions taking sizeable stakes, has further strengthened the argument that a turning point is not too far away, but is this really true?
Watch this space......... |
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