The latest Royal Institution of Chartered Surveyors (RICS) housing report has found that the UK housing market excelled over much of the rest of Europe last year. By comparison, house prices in the Baltic states dropped by up to 50 per cent.
The Recent RICS review has shown that only five European countries demonstrated a rise in house prices in 2009, the UK included. These figures have led RICS to suggest that the European housing market is in weak recovery.
Despite these findings, the report has also indicated that many European countries are still experiencing big problems. This is evident in many Baltic states including Latvia, where prices plummeted by 53 per cent in 2009 after a 30 per cent drop in 2008. Estonia and Lithuania have also reported a decline in property value in 2009.
Many Scandinavian countries however, enjoyed an improvement in property prices in 2009, with Norway boasting increases of around 12 per cent and Finland 8 per cent.
Dips in the property market in Germany, Italy, the Netherlands and France were fairly low. With reference to this, author of the report, Professor Michael Ball told The Guardian: ?Though today markets are still fragile, they are starting to stabilise and to see some price growth.?
In Spain, however, the adverse economic climate enhanced the decline of the country?s housing market and prices fell by around 10 per cent. The report said: ?The level of supply overhang in Spain, Cyprus and Ireland, including both unsold holiday homes and primary residences, could bring these markets further problems.?
