The U.K. housing market is proving to be a study in resilience rather than exuberance, as it sees a modest recovery in annual average house price growth to 2.2%, RBC Capital Markets analysts Anthony Codling and Oliver Dyson say in a note. This combines with all regions in the country now being in positive territory, according to Nationwide's house price index, which helps provide a supportive backdrop. Still, a lack of any meaningful acceleration in sales volumes or prices makes it difficult to create a compelling case for near-term earnings upgrades, the analysts say. A softening in May's mortgage approvals is worth watching closely, the analysts say, as it could signal a near-term moderation in demand even as the annual price trend edges higher. Vistry shares are up 1.6%, with Berkeley down 1.5% followed by Crest Nicholson, down 1%. (anthony.orunagoriainoff@dowjones.com)