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Nationwide confident on UK housing market

The Nationwide, the UK's largest building society and a major player in the property sector, has today issued a report suggesting that the UK property sector should remain fairly stable over the next 6 to 12 months. The lender believes that upward pressure on property prices will decrease in the short to medium term as more properties come onto the market.

It is interesting to see that the Nationwide is not predicting an increase in UK base rates over the remainder of 2010 which would seem to indicate that inflation should fall back in the coming months. If interest rates do remain at around 0.5% for the foreseeable future this should at some point increase liquidity in the mortgage market and hopefully create a more fluid pool of funds for property buyers.

However, just when we feel that the UK property market has turned the corner there are other issues which come over the horizon. The debt problems in Europe have yet to have a major impact on the UK but the longer they continue the more chance the UK economy will suffer. It will be interesting to look back on 2010 in months to come and see whether it was "obvious" as to the future direction of the UK property market.

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