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Is there trouble ahead for the UK property market?

Respected estate agency Savills has this morning delivered a rather downbeat and depressing report on the UK property market suggesting that while 2009 is seen by many as a recovery year, 2010 is likely to see UK property prices soften as the recession continues and economic trouble continues to build. The company believes that UK property prices will fall by 6.6% in 2010 and like so many other property experts believes that the growth in 2009 is something of a short-term blip which will be wiped out over the next 12 months.

However, on a more positive note the estate agent believes that property prices will return to the growth path in 2011 with a rise of 2.7% and a very impressive rise of 27% between 2012 and 2015. There is a growing feeling that the sudden turnaround in property prices in 2009 caused a rush of buyers, who did not want to lose out, which has ultimately injected demand, albeit on a temporary basis, into a very difficult marketplace. There is concern that if the economy does not improve in 2010 many investors will fall by the wayside and transaction numbers will dry up yet again. While we may have seen the bottom of the UK property market many believe there is further heartache ahead.

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