UK housing market outperforms Europe
The UK housing market performed well in 2007, compared to most of the rest of Europe.
That is according to the latest European Housing Report from the Royal Institution of Chartered Surveyors (Rics), which showed that the UK housing market was the sixth strongest last year.
House prices increased by eight per cent in the UK, making the market the strongest among the largest European economies.
Commenting on the findings, professor Michael Ball, author of the report, said that the UK housing market is in a good position.
“The often repeated dilemma currently facing monetary authorities is that slowing economies - and housing markets - need lower interest rates, but higher inflation is against them,” he commented.
“How Europe’s housing markets fare in 2008 depends on how that tug-of-war develops.
“The UK housing market looks much better placed than many others in Europe because of the greater interest rate flexibility,” continued professor Ball.
The Financial Times House Price Index recently revealed that property price growth reached 0.5 per cent in England and Wales in February.
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