A three-bedroom semi is out-performing the Stock Exchange says Chancellors Estate Agent. That's the new market bulletin from Britain's largest group of 750 hand-picked independent estate agents.

New research underlines the continuing strength of Britain's housing market, for both buyers and sellers, despite uncertainties triggered by recent interest rate rises and predictions of a house price crash'.

Chancellors in Surbiton is one of 750 members of Home Sale Network, the country's largest group of hand-picked independent estate agents, to have been provided with the research findings, which demonstrate how property has out-performed other investments over the past decade, and highlight why there is no danger of a repeat of the house price crash of the early 1990s.

Robert Bixby of Chancellors said: "The factors which created the house price crash almost 15 years ago just don't exist today.

"Interest rates remain at a long-term sustained low level of less than five per cent. Fifteen years ago they were 15 per cent. Unemployment, at less than three per cent, is in stark contrast to the millions who were out of work 15 years ago. And the UK economy is one of the strongest in the western world, with GDP predicted to continue its growth, whereas we saw a three per cent GDP shrinkage 15 years ago," said Robert Bixby.

Looking back, the new Home Sale Network study reveals home values (which have increased by an average of 195 per cent over the last 10 years have out-performed cash savings (24 per cent), the RPI (30 per cent), the FTSE 100 Index (63 per cent), the value of with-profits bonds (77 per cent) and the value of a UK Equity Income Fund (130 per cent). More importantly for today's would-be buyers or sellers, though, is the report's findings on the current and projected market.

Home Sale Network's analysis of supply and demand trends, new build statistics, interest rate expectations, projected growth in GDP, and forecasts for employment, all point to a continued strength in the UK housing market, albeit at a calmer rate of price inflation.

Managing director of Home Sale Network, Richard Tucker, said: "It's a simple fact that house builders are not keeping pace with the growth in demand for homes, despite initiatives announced by the Deputy Prime Minister to boost home supply, especially for first-time buyers and key workers.

"Shortage of land and planning consents constrain house builders from meeting the growing demand from a larger number of smaller households," said Mr Tucker.

The Home Sale Network study also spotlighted that home buying is not viewed like any other investment, and provides the unique opportunity to boost the value of the investment by home improvements.

"While buying a home is the biggest investment for most people, they do not approach it in the same way as a PEP or ISA. They are buying a home the only investment that they can enjoy and enhance," said Mr Tucker.

In stark contrast, the Home Sale Network research acknowledges many customers put more time and consideration into buying a car than into buying their home.

"Cars depreciate, while property tends to appreciate. You can add a porch to your house and boost its value; you can spend the same on an in-car entertainment system without adding much to its resale value," said Mr Tucker.

The Home Sale Network study concludes that, while recent developments have created a buyers' market, there are still plenty of buyers but they are demanding quality and value for money and taking longer to make an offer.

"Our study shows that, for the foreseeable future, there will not be a return to the excessive house price inflation of the past two years: but neither will there be a collapse. Quite simply, supply and demand factors confirm there is no reason for either buyers or sellers to hold back," said Mr Tucker.