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Average UK house price back above £200,000

Information released by the Communities and Local Government (CLG) shows that the average UK house price has now risen back above £200,000. While figures from November show that the rate of increase in the value of property in UK is starting to slow, prices in November were still 0.6% higher than the corresponding period in 2008. However, while house prices are starting to stabilise and consolidate there are signs of growing demand from buyers.

Bizarrely, many people believe that house prices in the UK could actually fall back in 2010 due to increased demand and increased availability. A lack of competition for individual properties, which many people believe is the reason why the average house price has increased so quickly, should at least hold back the final sale price of many properties.

It is ironic that the UK property market, or at least the average property price in the UK, has shown signs of recovery in the latter part of 2009 but could suffer because of increased demand and increased supply in 2010. Whether you could argue that the current average house price in the UK is unsustainable is open to debate but one thing is for sure, those who think that the property market is now back into the boom times may need to think again.

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