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UK housing market is too focused

Hometrack, one of the U.K.'s leading property experts, has confirmed that in its opinion the average price of a home in the UK will fall in 2010. Aside from the fact that unemployment is on the increase, household incomes are under pressure and the economy has not yet left recession, the company believes the ongoing improvement in the property market is focused upon too small a number of buyers.

This is a trend which has been emerging over the last few months with many experts suggesting that competition for fewer than normal quality houses had pushed prices to unsustainable levels in the short term. However, to the wider market this gave the impression that the UK property market had turned and was indeed on the way back up, which then saw many people looking at their own local marketplace. Unfortunately for many in the UK, there is a general consensus that once more properties come onto the market, and there is more choice with regards to houses, we could see a reduction in demand for each property on the market and prices start to fall back.

It will be interesting to see if the general feeling that the property market has turned, at least amongst UK consumers, he is borne out in the first quarter of 2010 which is a vital period for the UK economy.

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