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Northwest property market hit by fall

Despite the fact that the average UK property fell by 0.3% in July, figures obtained by the property industry show that the average price of a home in the Northwest of England fell by 0.5% over the same period. There has been a marked increase in the number of properties for sale which are up by 4.4% in Greater Manchester and 5.2% in the more affluent area of Cheshire.

While it has to be said that the Northwest property market had already experienced a significant increase in the first six months of 2010 this sharp falloff in July is purely and simply the result of an imbalance in supply and demand. As we have mentioned on numerous occasions, buyers are now stepping to the sidelines as more and more sellers list their properties on the market. As a consequence, it is highly likely that we will see downward pressure on not only Northwest properties but UK properties as a whole, until this particular imbalance is addressed.

As we saw at the beginning of the credit crunch and worldwide recession, once the property market turns, either up or down, sentiment can often turn very quickly and become something of a self-fulfilling prophecy.

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