Due to the current economic climate, in recent months, the UK housing market has been in dramatic decline. A staggering 16.6% decline has been seen, to date with a total of 1.3% of that amassed during January 2009.

There are many articles online which give you an idea about the future of the UKs economy. It seems unlikely that any improvement will be seen for some time to come, if anything the condition of the housing market looks set to decline further still.

It has been reported by the RICS, Royal Institute of Chartered Surveyors, that this year we are expected to see a further reduction in the amount of homes being sold, within the United Kingdom. In fact the current housing market is in the worst position seen for about thirty years.

When it comes to the UK property market, only those sellers who are prepared to accept that their home is worth far less than it was last year are going to benefit. As mentioned; although house values are going to fall another 10% in the coming year. The RICS predicts that sales of homes will begin to pick up once more in 2011.

As the current UK housing market has been weakened somewhat there are good deals available to first time buyers and people looking to invest in property alike. Many houses are being repossessed and resold at a cheaper rate. It is therefore a good time to buy, although not such a good time to sell houses within the UK.

During the rest of 2009 it is expected that a further 34,000 homes will be repossessed. Housing repossession is currently at an all time high, this owing mainly to the current economic climate. People are finding it ever more difficult to keep up with their mortgage and rent repayments.

Below are a few reasons why the UK property market has seen a fall over the last year.

(1) Mortgage companies are lending less and less, so people are finding it very difficult to find a mortgage.

(2) Mortgage lenders are demanding a higher down payment from first time buyers, doing this makes it difficult for the buyer as normally they do not have the money.

(3) Many people expect house prices to fall further making them hold off buying now.

(4) Bank base rate cuts still have not changed peoples minds in remortgaging, even with the cuts the average mortgage has not altered within the 2-3 years.

Above we have looked at the reasons why the UK property market looks the way it does. As we watch the market closely, there certainly seems to be no chance of the problems easing for many homeowners in the coming months. But it is not just homeowners who are suffering with this current slump. In recent months there have been many construction workers laid off and many estate agencies closing.