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Mixed signals in the UK property sector

While there has been significant discussion regarding the performance of the UK property sector we appear to be seeing the start of a recovery in the UK mortgage sector. New mortgage approvals rose by 4% in March which when taken with the increase in February starts to build a little momentum for the mortgage industry and the wider property sector.

While nobody is suggesting that the UK property market will shoot ahead to former levels, there are many people who now believe we have seen the worst in the UK mortgage sector. When you consider the significant reduction in UK base rates over the last few months, a bottoming out of the UK property market and a return of confidence (to some extent, before the swine flu outbreak) it is easy to see why many believe the worst is over. However, as we mentioned yesterday on some of our posts, the outbreak of swine flu has the potential to cut short any recovery in the UK economy at least in the short to medium term.

Those who underestimate the potential impact a pandemic would have around the world, and in particular on the worldwide economy, may well be in for a shock. While it is not inevitable we will see a pandemic, it seems highly likely with each passing day that infection rates will increase substantially in the short to medium term.

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