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Reality in the UK property market

A report by the Centre for Economics and Business Research will this week show that UK property prices are forecast to fall by a further 10% during 2009, ruining hopes of a short-term recovery. However, the Labour government will be pleased to hear that the report will also forecast a recovery in 2010, possibly just in time for the next general election. Slowly but surely it appears that Gordon Brown may well see his popularity start to increase in line with the forecast recovery in the economy.

The Centre for Economics and Business Research believes that the Easter weekend, traditionally a very busy period in the housing market, could well mark the bottom of the ongoing property cycle. A period of stabilisation would then be expected and a full-blown recovery possible in 2010. Do not be alarmed to see property prices continue to fall over the next few months, although at a dramatically reduced rate, as slowly but surely pent-up selling demand starts to level off and buyers return for "bargains".

Against this new background of hope for the future there are still many situations which could emerge and potentially ruin this rosy scenario. Many people are just happy to see signs of recovery in confidence and the UK economy as a whole and if this renewed confidence can be maintained that would be a significant benefit.

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