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Should we believe the Nationwide forecast for the property sector?

Despite the fact that many analysts and economists are downbeat on the prospects for the UK economy in 2010, today's Nationwide report on UK property sector seems to offer a very different opinion of the prospects for the UK. The report suggests that UK property prices will increase by around 10% in 2010 which is something many people do not agree with. So who should we believe?

There is no doubt that the Nationwide has an excellent track record with regards to the UK property sector and has been one of the best readers of the market of late. It will be interesting to see whether the forecast double-digit growth actually materialises because ultimately if the property sector is improving, the UK economy will not be far behind. The forecast of a 10% growth in property prices would also indicate a return to competition in the banking sector and in particular the mortgage arena.

Let us hope that the Nationwide is again first to put its head over the parapet and suggest something different for the UK economy. If this turns out to be an accurate prediction it will come as a relief to many people in the UK who are still struggling.

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