FORECAST: IMPROVEMENTS IN EUROPE'S HOUSING MARKETS
- 09 Aug
The UK's housing market is hampered by Brexit, according to a fresh Standard and Poor's (S&P) forecast.
S&P predicts that residential property prices will rise in almost all European markets this year, despite economic uncertainties created by the UK's decision to leave the EU and the UK's home prices are expected to fall over the next 18 months, reports Property Investor Today.
- The German housing market is to show the strongest growth in 2016, with prices envisaged to rise by 7% due to high demand and tight supply
- Ireland is likely to be in second place with prices rising 6% in 2016 and gaining 2.5% in 2017 and 3% in 2018
Chief economist for Europe, Middle East and Africa at S&P Global Ratings, Jean-Michel Six, said:
"While uncertainties caused by the UK's June 23 referendum decision to leave the EU could dent eurozone growth and, by extension, the housing market recovery over the next few years, we don't expect that it will derail it."
"We forecast eurozone real GDP will expand 1.7% this year, and we expect the European Central Bank's (ECB's) accommodative monetary stance, leading to historically low sovereign bond yields and mortgage interest rates, will spur improvements in Europe's housing markets."
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