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UK authorities issue confusing house price data

The UK government has today indicated that the average property price in the UK fell by just over 10% during 2008. This is a sharp increase on the 8.5% fall in the year to November 2008 and compares less favourably against more recent house price indications from the property sector. However, the figure does show that the UK property sector is in sharp decline and even a suggested small increase in property prices during January appears to be little more than a technical blip.

When you consider the significant reduction in mortgage credit throughout the UK, the worsening economic climate, the ever rising rate of unemployment as well as the ongoing worldwide recession there would appear to be few reasons to dive into the UK property sector. While there is undoubtedly value on a longer-term basis, more and more investors are content to keep their funds out of the market with fears of a further collapse growing by the day.

The constant flow of negative comments and negative suggestions from the UK government and the Bank of England has not assisted the matter with little likelihood of a short-term improvement in the UK economy. The ongoing demise of the UK financial sector has seen share prices hit sharply over the last few days amid concern that companies such as Legal and General may be in need of additional capital in the short to medium term (despite constant denials from the company, investors fear the worst).

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