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Halifax survey confirms UK house prices fell by 0.6% in June

A survey by Halifax has today confirmed that UK house prices fell by 0.6% in the month of June although this does contrast with an earlier report by the Nationwide which showed that house prices increased by 0.1% over the same period. The truth of the matter is that these property surveys have never moved in tandem although ultimately they are very useful in formulating trends for the short to medium term. So what can we expect in the second half of 2010?

While initially UK house prices increased in the early stages of 2010, this rise in prices came to a sudden end when the election was announced and confusion and mayhem took over. Many investors sat on the sidelines awaiting the outcome of the general election and the creation of the coalition government added further concern to this particular situation. However, there was an initial bout of built up demand which kicked in after the election although this appears to be coming to an end.

Many property experts have for some time predicted that UK prices would fall slightly in the second half of 2010 to give a broadly unchanged scenario over the whole of 2010. However, 2011 could be a very different situation because of impending budget cuts and tax increases, not to mention issues in overseas debt markets which could impact upon the UK economy.

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