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Now we know why the housing market is so buoyant!

The National Association of Estate Agents has today confirmed, what many more experts already believed, that due to a shortage of quality housing in the UK there are anything up to 5 buyers pursuing every property on the market. However, it was revealed that in October estate agents in the UK sold on average 7.7 properties each which is down from 8.5 in September. So while there is more competition, with fewer houses, this is not converting into sales and is beginning to cause concern in the industry.

It comes as no surprise to find there is competition for houses which are on the market as many have believed for some time that prices in some areas of the country are being pushed to artificially high levels. The problem is that, unless we see further follow-through as the economy grows, there will come a point when investors stop chasing and house prices start to fall back. This potential fall in house prices could well start as a trickle and end up as a possible wave which would further depress the sector as a whole and impact upon the UK economy.

While many had hoped the situation become clearer as we approach the New Year, it looks as though 2009 and 2010 could be very difficult years to predict with regards to the UK economy.

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