UK market better placed than most of Europe

Posted: 17 Mar 2008 11:59:28 GMT

The UK housing market outperformed the majority of its European partners in 2007, according to a new report.

The UK housing market outperformed the majority of its European partners in 2007, according to a new report.

Figures from the Royal Institution of Chartered Surveyors (Rics) show that price growth in the country reached eight per cent year-on-year.

That made the UK housing market the sixth strongest in the whole of Europe and stronger than the other major economies on the continent.

Professor Michael Ball, author of the Rics European Housing Report, said that the UK market is in a good position for the year ahead.

"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.

"The UK housing market looks much better placed than many others in Europe because of the greater interest rate flexibility," continued professor Ball.

Recent house price indices have revealed positive price growth in the UK, with the Land Registry reporting that house prices increased by 0.9 per cent in January.

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