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What is the best we can hope for in 2009?

As the UK economy continues to struggle and the UK population continues to worry about the employment market, there are concerns that 2009 could be as bad if not worse than 2008. Indeed there are also forecasts of a second credit crunch in the first quarter of 2009 when banking institutions across the UK may be forced to take on further capital to strengthen their balance sheet. This potential weakening of the UK banking system could see a further reduction in mortgage liquidity and lending throughout the country.

The property market will also struggle if the economy continues to falter and mortgage liquidity is not forthcoming as soon as possible. This will then have the knock-on effect of pushing more and more UK homeowners into negative equity and potential financial disaster in due course. Too many homeowners in the UK have built up debts in the "knowledge" that the value of their property would bail them out in troubled times. This has not happened as housing prices continue to plummet and buyers continue to wait on the sidelines. Even the government's much-publicised mortgage relief scheme has yet to kick in and those waiting for repossession orders in early 2009 have very little protection.

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