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UK Housing market in European context.
UK Housing market in European context.
A survey by the Royal Institution of Chartered Surveyors (Rics) pointed to rising interest rates, as opposed to the credit crunch, as the main contributor to the slowdown across Europe.
The survey anticipated a further downturn in markets across the continent in 2008 but said that the UK was well placed in comparison to some of its European counterparts.
Poland saw the greatest increases 2007, with Ireland experiencing the biggest decreases.
The report said "The combination of markedly higher interest rates and a sudden, sharp recession, which last sent Europe's housing markets tumbling in the early 1990s, is still remote."
