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Surprise Surprise No Change In Base Rates

While today's decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the Halifax which confirms that house prices have fallen by nearly 13% over the last year it seems that mortgage arrears are set to sky rocket over the coming months. Large mortgages, shrinking assets, the stuff of nightmares!

Despite all of the huffing and puffing by the government, the big headlines in the press we are literally seeing no increase in confidence and no steadying of the property market ship. Some analysts are predicting that the sector has yet to hit the choppiest of waters and when you consider that any investment turning in history has happened after a large sudden sell-off it looks as though we could be in for a long wait.

The next 12 months will literally see home owners getting their heads down, saving all of the money they can and praying that things pick up soon. The UK economy is based upon property (as are so many economies around the world) and when the sector is in trouble we all feel the pain.

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