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Is employment the key to a recovery in the UK property market?

As the UK property market begins to show signs of a slowdown in recovery, more people believe that the recovery process will be very closely linked to the employment market in the short to medium term. This week we saw the Nationwide Building Society suggesting that the UK property market was feeling the pressure and the rate of recovery over the last few months has begun to slow.

It is inevitable that we will see more and more concerns creeping into the marketplace as unemployment continues to rise and more people fear for their short-term employment prospects. The concern is, as we have seen before, that UK consumers and UK businesses literally "talk themselves" into a recession due to an over pessimistic attitude at a time when the economy is literally on the crest of a recovery. So what will it take to inject more confidence into the UK economy and the property market?

In order to see a natural recovery in the UK economy as a whole there will need to be a sharp reduction in unemployment numbers. This is unlikely to happen in the short to medium term as the time lag between the difficult economic environment, company cost savings and unemployment begins to kick in. However, once we see unemployment start to fall this will give more and more potential homebuyers the confidence to step into the market once again and hopefully inject some confidence into the sector.

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