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Newsletter

UK house prices rose in 2009

By Jonathan Dawes, Wed 3 Mar 2010 - Published in Mortgages

New research has shown that the UK was one of just five countries to experience rising house prices during 2009.

The latest Royal Institution of Chartered Surveyors (Rics) European Housing Review revealed that UK house values increased by one per cent over the last year.

This compares to rises of 12 per cent in Norway, eight per cent in Finland, seven per cent in Sweden and three per cent in Austria.

Simon Rubinsohn, Rics chief economist, commented: "A combination of extraordinarily low interest rates and a raft of government measures have helped to put a floor under residential property markets in most European countries."

In addition, the report showed that the largest price fall occurred in Latvia, Estonia, Lithuania and Hungary.

Professor Michael Ball, the study's author, added that the European housing market remains fragile, due to economic uncertainty and credit constraints.

Firstrung chief executive Paul Holmes recently predicted that UK house prices will start to fall again during the next 12 months.