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Why are UK house prices recovering so strongly?

This week's revelation that UK house prices have increased year-on-year by 2% has caught many analysts and experts by surprise. Even though the news has been well received across-the-board, is the UK property market moving in tandem with the UK economy and can expect further recovery in the short to medium term?

It is very difficult to see where the recovery in the UK property market has emerged from when you consider that national debt is over £1 trillion, the UK budget is at least £175 million in deficit, unemployment continues to rise and liquidity in the mortgage market place is still relatively thin. While confidence in some areas of the UK is starting to return, on the whole there are still issues to resolve with regards to the employment market and the UK economy as a whole.

It would appear that the more prosperous areas of the UK such as London and the South may well have pushed national property prices higher due to the fact there are fewer quality houses on the market. In the cold light of day this is not the best basis we have seen for a recovery in the longer term and those who have concerns about 2010 in particular have every right to voice these, even though are being drowned out at the moment.

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