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UK house prices under pressure

The Royal Institute of Chartered Surveyors has today revealed pressure on UK house prices as more and more people look to dispose of their properties ahead of the election. This is something of a surprise as many people had initially assumed homebuyers and sellers would hold off until the election was over but it appears that there is pressure as more properties come onto the market.

The report reveals that while house prices in London, the south-east of England and Scotland continue to rise there is downward pressure in East Anglia, Northern Ireland, Yorkshire and Humberside, the North of England and the West Midlands. This will be the latest test for the UK property market because many people believe house prices were pushed too high because of limited stock available, although the sudden injection of further properties for sale will test this theory.

On the whole, the UK property sector continues to show signs of recovery although we could see a short-term reduction in the average property price over the next few weeks. Once the election is over and much of the political uncertainty has fallen by the wayside the picture should become clearer with the new government of the day likely to "hit the ground running" with regards to the budget deficit and UK national debt.

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