EUKN - European Urban Knowledge Network - European Housing Review 2008 reveals key trends on housing and mortgage markets

European Housing Review 2008 reveals key trends on housing and mortgage markets

Introduction

The European Housing Review 2008 is published annually by the Royal Institute of Chartered Surveyors (RICS). It looks at the performance of European housing markets in 2007, analysing trends across the continent in areas such as inflation, building activity, mortgage markets and turnover. The Review reveals some of the most important trends in the European housing and mortgage markets over the past year.

Proposition

What are the key trends that have been impacting on European housing and mortgage markets over the past twelve months?

Description

The European Housing Review looks at eleven countries in detail. It also surveys Central- and Eastern European countries, about which there is often a lack of information.

Cyprus
France
Germany
Hungary
Ireland
Italy
The Netherlands
Poland
Spain
Sweden
United Kingdom

The key messages presented in the 2008 Review are:

House price growth has slowed substantially across Europe with falls during 2007 in some countries, such as Germany and Ireland.
Housing markets across the continent experienced marked falls in activity from summer onwards;
Rising interest rates rather than the post-autumn credit crunch were the prime causes of the slowdowns, as mortgage availability remained good. Housing market prospects in 2008 depend on what happens to interest rates;
High year on year price changes in countries like Poland reflected developments in the first half of 2007 only, as early gains were trimmed from late summer onwards;
There are prospects for some house price falls during 2008 but the scale of any housing market downturn is likely to be far less than the last downturn in the early 1990s;
The UK housing market looks much better placed than many others in Europe. Interest rate cuts are likely to stabilise prices in 2008.

Contact info

Royal Institute of Chartered Surveyors Europe
Brussels
Phone: +32 2 733 10 19
ricseurope@rics.org

Publication date

/01/2008

Article info
Author: Michael Ball
Organisation: UPE Consultancy

Links

For more information, please visit the RICS website

Click here to download the summary of the European Housing Review 2008 (PDF, Eng, 406 kB)

Document type

policy

Themes

Urban Policy

Keywords

Housing