Since 1997, UK house prices have risen by 213%. The current annual rate of house price inflation is 6.3% (although this hides recent monthly falls. How do UK House prices compare to the rest of the world.
These are some selected statistics for House prices in the rest of the world since 1997
- South African House prices – 393% (current 13)
- Ireland House prices – 240% (current -2.8%)
- Spain House prices – 190% (current – 5.3%)
- Australian house prices – 159% (current – 10.6%)
- Singapore house prices (current – 27.6%)
- New Zealand house prices 123% (current 12.7%)
- Switzerland house prices 149% (current 11.6%)
- France house prices 144% (current 6.8%)
- United States House prices 116% (current -4.5%)
- United States (City house price index) 165% (-5.6%)
Generally, the problems in the US housing market are starting to spread. It is unclear whether this is due to the global credit crunch or local factors. However, one interesting thing is that when we talk of a US boom in the housing market, several other countries are more significantly affected.
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