UK housing market is outperforming much of Europe - Mortgages - News - Moneyfacts

News

UK housing market is outperforming much of Europe

UK housing market is outperforming much of Europe

Category: Mortgages

Updated: 03/03/2010
First Published: 02/03/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The UK housing market is improving at a greater pace than many European counterparts, new figures have revealed.

House prices rose by one per cent in the UK overall last year, according to the Royal Institution of Chartered Surveyors (RICS), and by ten per cent since the market low point in April.

Norway enjoyed the most pronounced recovery last year, with the average price of property increasing by 12 per cent. Neighbouring countries, Finland and Denmark reported price growth of eight and seven per cent respectively.

By contrast, countries with poorly performing markets like Spain, Greece and most of Central and Eastern Europe, especially the Baltic States, saw heavy falls of between 27 and 53 per cent in 2009.

Germany, Italy, Netherlands and France saw less marked falls in property prices of between four and six per cent and, though the markets are still fragile, they are starting to stabilise and see price growth.

RICS said that most of the European building industries, with the exception of Germany and Switzerland, are still suffering from the impact of the financial downturn and will take some time to recover.

However, Simon Rubinsohn, chief economist of RICS, said there was clear evidence that a recovery in some housing markets is under way.

Find the best mortgage for you - compare Best Seller Mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.

Bank of Mum and Dad holds the (house) key

The Bank of Mum and Dad is an important source of finance for many young adults, and it seems that they still hold the key – in more ways than one.

Fee-free mortgages on the rise

Mortgage rates may be at record lows, but for some people, the extra costs associated can make switching deals a financial impossibility. It’ll come as welcome news, then, that the number of fee-free deals has more than doubled over the past year!
 
Close