Since last summer, the UK property market has defied the pandemic and has seen prices rise by an extraordinary 13%. Are we the only country to see this phenomenon? Far from it. The UK doesn't even make the top ten
Knight Frank's recently published Global House Price Index tracks 55 countries across the world, using data provided by national governments.
If you thought that property price rises have been exceptional in the UK, spare a thought for those in New Zealand, where they rose by 25.9%.
The average over all 55 countries was 9.2%, with Turkey topping the list at 29.2%. The United States saw the 3rd highest increase at 18.6%. The UK was 12th at 13.2%, the highest growth in 17 years. In total, 18 countries experienced double digit price rises, up from just 7 a year ago.
Only Spain and India showed price falls over the year, the lowest number since Knight Frank started compiling their index in 2008.
There are signs that growth is slowing in some markets. In the United States, mortgage applications have dipped and in the UK, US and New Zealand, concerns about rising interest rates may dampen confidence in the medium term.
Countries showing double digit growth -