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Mini property boom hits parts of the UK

Estate agents in some areas of the UK are reporting that one in 10 properties for sale are being sold at above the asking price, with substantial demand in some areas. The likes of London, Oxford and Cornwall have been singled out as particularly buoyant property markets although there is some scepticism with regards to these claims. However, could there be a reason for the sudden interest.

It is believed that these areas of the UK are currently experiencing a significant shortage of quality homes, the like of which has not been seen for three decades. This factor, more than anything else, has seen demand outstrip the rise in asking prices although this is likely to be temporary. In the rest of the UK the situation is a little less buoyant although there are signs that some areas of the country have seen prices stabilise.

Many people believe the lack of liquidity in the UK mortgage market has also impacted upon short-term sales with some housebuilders even claiming that customers are expressing interest in new properties only to be thwarted by their banks. The truth is the UK property market is very fragmented and while we saw differing falls across the country as the property bubble burst, we will see differing speeds of recovery as well.

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