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Are UK homes still over valued?

There is a growing debate about the UK housing market which many are still suggesting has further to fall. Indeed there was even a report earlier this week from Global Insight which forecast that by the end of the recession the UK housing market would have lost 35% of its value from the peak. So what is going on?

Even Gordon Brown has entered the debate by suggesting that home owners in the UK are still expecting too much money when they put their homes up for sale. This and the general lack of finance are two of the main reasons why the UK property sector cannot get started again. We have already seen news that the likes of Rightmove are laying off more staff as business continues to scrape along on minimal volume.

Despite a number of attempts to try and flush buyers out there has been little or no change in the number of UK homes being sold each week. The estate agency sector is being pushed to the limit and while a number of jobs have gone over the last few days, this could just be the tip of the iceberg unless we see even a part recovery in the sector.

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