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Hometrack survey shows house price reductions set to continue

The latest report by Hometrack has highlighted a number of issues which have led them to believe the UK housing market will be under pressure for some time to come. Even though we have seen the average time taken to sell a house reduce over recent weeks and a slowdown in the rate of house price falls, the economy is now the main concern.

Despite a number of initiatives by the government there is still severe downward pressure and limited liquidity in the market place at this point in time. On the positive side there are signs that a lower interest rate is improving sentiment slightly in the marketplace and with rates to fall later this week there are hopes this trend will continue. However, confidence is fragile at best and many would-be home buyers are not in a position to raise the required liquidity at this point in time.

The exact nature and timing of any recovery in the market has attracted a number of different views of late and in reality nobody is quite sure what will happen in the short to medium term. Despite hopes that the credit crunch had disappeared forever there is no doubt that liquidity is still limited, confidence is fragile and businesses are going under every day of the week.

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