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Is the housing market beginning to turn down?

The Nationwide Building Society has today revealed that UK house prices increased in value by 0.5% in November with signs that demand for UK houses is starting to fall. While the figure could be slightly misleading because the winter period is often a very quiet period for the housing market, many experts believe that 2010 will see further falls in the cost of UK property. So should we be alarmed?

Even though the November rise was the seventh monthly increase in a row there is growing concern that pent-up demand for UK houses may well have been fulfilled in the short term. The very fact that more and more experts are predicting a difficult 2010 is concerning when you consider how quickly the worldwide economy has been moving of late, with the Dubai crisis the current headline act, and it is very dangerous to look forward a few months never mind a year.

There is also the potential to literally "talk ourselves" into an economic downturn which we have seen in the past to the detriment of the UK economy. Whether the forthcoming general election is a welcome distraction or a potentially disastrous distraction from the UK economy is open to debate but complacency about a recovery is very dangerous.

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