Global house price growth has fallen - as the UK slipped lower in the rankings again
09-11-2017
The property markets were on a downward trajectory in 24 of the countries in the ranking, while price growth was flat or rose in 31 economies.
The UK has fallen again in a ranking of global house price growth, as the enthusiasm for property cooled across the globe.
With annual house price growth of 2.8 per cent in the second quarter, the UK was in 34th place in Knight Frank's global house price index, which tracks 55 developed economies.
That's down from 24th place in the second quarter of last year, and 22nd in the second quarter of 2015.
Meanwhile, global house prices rose 5.6 per cent in the year to June, down from 6.5 per cent in the previous quarter.
The property markets were on a downward trajectory in 24 of the countries in the ranking, while price growth was flat or rose in 31 economies.
Meanwhile, Iceland hit was in the top spot, with house price growth of 23.2 per cent, up from 17.8 per cent in the previous quarter. Hong Kong followed, with growth of 21.1 per cent, up from 14.4 per cent.
Kate Everett-Allen, who compiles the ranking, said not even rate rises can hurt Hong Kong's property industry.
“Hong Kong’s stellar performance is perhaps counterintuitive given three rate rises in the last year but strong demand and limited supply are behind its strengthening prices”
By contrast, there have been signs the UK's market is beginning to stagnate: figures by Lloyds last month suggested the number of people moving house fell two per cent in the first half of 2017, while UK house prices edged 0.1 per cent lower in August according to Nationwide.