The UK property market is set to defy the expectations of naysayers and steam ahead into 2008, one leading estate agent has predicted.

Some market analysts have speculated that the ongoing credit crunch coupled with the rampant house price inflation of the past decade is a recipe for a tapering housing market.

But according to Hamptons International, UK property has successfully weathered the initial shock of tighter lending conditions and now looks set to enjoy a buoyant period of growth in 2008, with property prices rising a healthy three per cent.

The group said that the introduction of Home Information Packs and the falling availability of mortgages may still have a minor impact on transaction numbers, but overall demand and asking prices would remain robust.

"While there is much negative speculation around and no doubt the credit crunch did create an initial shock to the market, we have found buyer confidence is gradually returning," read the estate agent's latest report.

House prices grew 1.3 per cent in December alone, according to the UK's largest mortgage provider, Halifax.

© Adfero Ltd

Author:  Joanne McCabe

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