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UK housing recovery stronger than most of Europe'

The UK property market is ahead of many other European nations in its recovery from the recession, according to a RICS report. Its European Housing Review revealed that Britain was one of only five countries across the continent that saw house prices rise last year.

Norway experienced the biggest gain in property values at 12 per cent, followed by Finland (eight per cent) and Sweden (seven per cent). UK prices rose one per cent over the full 12 months, but climbed by ten per cent since hitting a low in April 2009.

Across Europe, Rics said low interest rates and government stimulus packages had prevented "market meltdown". Prices in Germany, Italy, France and the Netherlands have started to stabilise, but Ireland, Spain, Greece and the Baltic states showed sharp declines during 2009.

According to the Halifax bank, the average house price in the UK currently stands at £166,587.

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