The latest European housing market review by the Royal Institution of Chartered Surveyors (Rics) said there was evidence of fragile recovery across much of Europe, with low interest rates and reviving economies helping to stave off “market meltdown”.

Top Countries:
Scandinavian homeowners enjoyed some property price growth last year. Norway topped the table with values up almost 12% last year, followed by Finland (8%) and Sweden (7%). The latter is expected to see continued buoyancy as a result of attractive borrowing costs and temporary tax breaks.

Britain came fifth, according to Rics, with prices rising by 1% in 2009 overall, and by 10% from their low point in April.

How did France fare?
In Germany, Italy, the Netherlands and France, last year’s falls were relatively small (ranging from 4% in Germany to 6% in the Netherlands).

Housing markets around the fringe of Europe are still dragging down economies in a vicious circle, and all European housing markets continue to face credit constraints and great uncertainty.

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