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House prices firm but demand starts to weaken

In a rather bizarre situation we have seen the number of potential buyers in the UK property market fall in the four weeks to May 8 while the cost of houses in the UK increased by 0.7%. It is unclear as to why the price of houses in the UK would push higher if demand is weakening although in all honesty it has been near impossible to forecast the direction of UK property market in the short term.

There is hope that uncertainty regarding the political situation ahead of the election will now disappear and confidence could return to the UK economy and the UK property market. Consumer confidence is vital to the eventual recovery of the UK economy and property prices are a vital element of this situation. It was interesting to see signs of increasing competition in the UK mortgage market only last week and there are hopes this is something which will flow freely in the weeks ahead.

Some experts in the UK property market believe that prices could push higher in the first six months of 2010 and fall back in the final six months leaving the situation relatively unchanged as a whole for 2010. However, time will tell!

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