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Firstrung hails resilience of UK housing market

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Firstrung hails resilience of UK housing market

The property market in the UK has been praised for its performance throughout the economic slump.

According to Paul Holmes, chief executive officer at Firstrung, the sector has proved to be extremely resilient in the face of difficult conditions. Indeed, he said he has been "staggered" by how well it has performed in the last few years.

Mr Holmes said this could be a reflection of the fact that many people in Britain still believe property can represent a good investment opportunity. This may also help to explain why many foreign nationals continue to transfer money to the UK to invest in real estate.

"I wonder whether it is something even as basic as a fault in the UK psyche where people can't quite let go of the notion that there is still money to be made by moving around every couple of years," he commented.

Mr Holmes was speaking after figures from the Land Registry revealed property values in England and Wales dropped by 0.3 per cent in April 2012 to reach an average of £160,417.

Despite the slight fall across the countries as a whole, there were some regional variations. For instance, property values went up by 5.1 per cent in London last month - the highest increase recorded anywhere in England and Wales during this period.

London is already a well-established market with overseas property buyers and its appeal is showing no signs of diminishing.

Indeed, Grainne Gilmore of Knight Frank this week told the Financial Times that more than half of the sales that took place in the capital during the 12 months to April 2012 were made by people from outside Britain.

She said London's appeal with foreign nationals is boosting demand and competition in the area, which means property values are being pushed upwards also.

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