Best performing property markets'
The economic crisis has undoubtedly had a profound impact on the UK's housing market, curbing soaring growth and transforming the expectations of both buyers and sellers.
However, a new report from Lloyds TSB has revealed it has performed relatively well during the last decade, when compared with many other countries across the globe.
Indeed, figures showed house prices in Britain have gone up by 50 per cent since 2001. By contrast, countries such as the US, Germany and Japan have seen values go down during this period.
The figure for the UK was the 13th highest rate of growth out of the 32 nations analysed by Lloyds TSB.
With emerging markets such as India and Russia seeing the biggest increases in property values, the statistics could be seen as quite favourable for Britain, considering its economic troubles over the last few years.
In fact, the findings may help to explain why many individuals and businesses remain keen to transfer money to the UK. Whereas emerging economies are unknown quantities and therefore carry a certain degree of risk, the UK has the experience, reputation and infrastructure in place to make it a safe market in an uncertain world.
Suren Thiru, an economist at Lloyds TSB International, commented: "Looking forward, the outlook for house prices globally is likely to be determined in part by the pace at which the global economic recovery continues, the events in the eurozone, as well as the economic prospects of individual countries."
The report coincides with a new study from the Building Societies Association, which revealed 41 per cent of Britons believe house prices in the UK will go up this year. This means confidence is improving, as only 33 per cent of those polled last December said they expect to see an increase in property values during 2012.