Housing Review Europe 2012 published
The RICS European Housing Review 2012 looks at the performance of European housing markets in 2011, analysing trends across the continent.
What were the key messages?
- House price change was relatively moderate in general across Europe in 2011
- France, Iceland, Norway and Switzerland all experienced price rises of more than 5%
- Ireland and Spain saw the greatest house price falls
- In the UK, real house prices have fallen by a third since 2007, whereas France and Germany had far more modest declines of a 10th or less
- Housebuilding has fallen sharply across most of Europe since the onset of the financial crisis, the only exception being Switzerland. Only modest falls have been experienced in Germany and France
- A good supply of mortgage credit is essential to sustained housing market recovery in Europe. However, mortgage availability was being cut back in most European countries towards the end of 2011. The Eurozone crisis and new banking regulatory requirements were compounding lender caution in face of weakening housing markets
link to the review: http://www.rics.org/ehr