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Ernst & Young drops a bombshell on UK property sector

The Ernst & Young LLC Item Club has dropped a bombshell on the UK housing market with the suggestion that while prices will increase in the short term they are highly likely to return to a slump in the latter part of 2010. While the UK government has already ridiculed this particular report, this report is from a very influential group of city analysts and economists who have for some time "had their finger on the pulse".

As a consequence of this particular report, we saw a fall in the pound against the dollar and against the euro with many investors starting to think again about the UK market. It has to be said that while Ernst & Young is not the only party to suggest that the UK property sector will indeed return to a slump in 2010, it is probably one of the more recognised and influential. Voters in the UK must now be wondering whether a potential short-term recovery in the UK economy is being encouraged to give the government the best chance of being re-elected, only to return to a bust scenario.

Many people are struggling to understand how a property sector which has been in the doldrums for some time can actually recover and then slump again.

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