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Is the property sector on the verge of a double dip recession?

As if the UK property sector was not under enough pressure, today saw news that the number of mortgage approvals in August fell dramatically compared to the same period last year. A number of experts now believe that UK property prices could fall between 10% and 15% over the next 12 months which would be a nightmare scenario for many in the UK.

Even as the UK property market appeared to pull away from the recent recession there were many in the UK who believed that the headline performance was not replicated across the board. There is a massive variance on property prices and property price performances across the UK with an enormous North/South divide. When you also take into account that London is effectively a micro-economy in itself then perhaps the recent performance of the UK property market has not been as positive as the headline figures might suggest?

There is no way that the UK economy itself could escape a double dip recession if the UK property market was to suffer such an event. As a consequence the UK government, the Bank of England and various regulatory bodies around the UK will be crossing their fingers and hoping that the UK property market and the UK economy avoid a double dip recession.

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