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UK property market is showing signs of weakness

A report by the Royal Institute of Chartered Surveyors has today cast doubt upon the recovery in the UK property market amid signs that demand is beginning to fall and an increase in the number of houses for sale could put pressure on prices. The survey for June found that on balance only +9% of surveyors questioned reported a rise in prices which was well down on expectations of +20. When you compare this to the figure of +21 for the month of May it is easy to see why concerns are growing.

Despite the fact that the UK government is confident that short-term budget cuts will not impact significantly upon the economy we are starting to see signs of problems in the public sector and in the wider economy. If these problems persist there is no doubt that UK economic growth will be curtailed and indeed there are some concerns we could even move towards a double dip recession. Whether this is the case or not remains to be seen but there are some very challenging times ahead for both the UK property market and the UK government.

When you consider the vast majority of personal wealth in the UK is tied up in the property market it will have a significant impact upon the financial stability and financial well-being of the UK public.

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