UK housing market 'is resilient'

Posted: 13 Dec 2011 12:39:53 GMT

House sales in the UK have been stable in recent months.

The UK housing market has been able to counter the weak economic recovery and remained resilient in recent months, it has been suggested.

Martin Ellis, housing economist at Halifax - which is a division of Bank of Scotland - noted the sector has performed reasonably despite a gloomy forecast for both the UK and global economies.

The industry figure pointed out both property sales and housing supply have been stable in the last year, which has helped to steady prices and sales as a result.

This means the typical cost of a dwelling is currently at a similar level to that seen at the end of 2012.

Mr Ellis predicted broad stability for house costs nationally next year, adding: "Prices are again likely to end the year at levels close to where they begin with the market continuing to lack any real direction."

The continuation of a low Bank of England Base Rate is also likely to provide support for the market across the next 12 months, he added. 
 

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