Reuters: UK property: a pig that won’t fly

The pig that is British property is furiously flapping its wings, but despite signs of a recovery in prices and activity, rest assured there will be no take-off.
The country, which witnessed a property bubble that made the U.S. seem sober and sensible in comparison, has seen prices fall by about 20%, but still faces a tough recession, rising unemployment and serious questions about the price of financing.
In the face of this, Britons seeking to sell their property last month turned again to a tactic that worked so well in the boom years: they raised prices, according to Rightmove.
Forced sellers ultimately will end the standoff between asking and selling prices, as increasing unemployment and a lousy economy bring a new wave of property to the market later this year.