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Is enthusiasm draining away from the property sector?

Despite recent comments from leading UK property companies it appears that while the sector has undergone something of a short-term boost, there are a number of potential banana skins on the horizon. The likes of Berkely Group and Bellway have commented upon uncertainties such as the general election, unemployment and a shortage of mortgage liquidity as potential drawbacks in the medium term.

Even before Berkely Group and Bellway issued a statement there were growing concerns about the state of the UK property sector and the fact that we may be in something of a short-term uplift which could drop off suddenly in 2010. One of the main elements, aside from mortgage liquidity and the looming general election, is the unemployment figure in the UK which is almost certain to continue rising in the short term. Not only will this place more pressure on would-be first-time homebuyers but those already struggling to repay their mortgages are likely to suffer further pain in the short to medium term.

Whether we will see a renewed boost for the property sector once the general election is over remains to be seen but one thing is for sure, while there is light at the end of the tunnel, there is still some way to travel before we get there.

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