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Repossessed homes set to flood the UK market in 2010

Rightmove, the well respected UK property company, has again entered the fray with regards to predictions for the UK property market in 2010. The company has reiterated its belief that the property market will be flooded by "forced sellers" in 2010 with a number of banks ready to sell off repossessed homes and place more pressure on those who are falling behind with their mortgages.

While many people will wonder why UK mortgage lenders have held off flooding the market with repossessed properties in the short term, the very fact that the recovery in the sector is fragile is reason enough. At the first sign of a significant increase in property prices we are starting to see UK banks looking towards selling off repossessed homes, with the rate of repossession set to increase after the UK election is over. The UK government will do everything in its power to make the UK economy seem as rosy as possible in the short to medium term but after the election it will likely be very different!

The UK government is currently using every strategy at its disposal to force banks to withdraw from repossessing homes but at some point the trickle will become a flood and the dam wall will collapse. When this will happen is anybody's guess, but those who believe the UK property market is ready for more boom times may well have to think again.

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