THE new chief executive of the Woolwich Building Society has predicted that the housing market in Britain would enjoy sustainable price rises for the foreseeable future.

Mr John Stewart, replaced Mr Peter Robinson, who was ousted in the spring over allegations of misuse of society facilities. Mr Stewart played down suggestions the society was likely to be taken over before its £3 billion sterling stock market flotation next year.

"Certainly over the past two weeks rumours have died down considerably", he said.