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UK property market under pressure

February figures for the housing market in the UK showed an annual increase of 9.2% but a fall of 1% in prices compared to January. This is the first fall in UK property prices since April 2009 and while it should not be taken in isolation as the turning point of the recent trend all eyes will be on the figures next month. There were a number of specific reasons why property transactions stalled in January, with the end of the stamp duty concession in December and the icy weather is said to have put off many house buyers.

While the UK property sector as a whole has shown significant growth over the last year there are concerns that the earlier momentum may well be fading and unless we see an increase in liquidity and improvement in the overall UK economy, house prices could start to turn downwards. This will be a major negative factor for the short to medium term outlook in the UK as property plays a major part in both personal, business and investment markets. Whether this reduction in month on month property values is a short-term blip or perhaps a turning point in the UK property sector remains to be seen.

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