“The global housing boom is running out of steam”

Aug 4, 2022 | Housing market

We tend to think that obsessing about house prices is a Brit-thing, but the relentless (for now) rise in the value of homes is a thing in the US, Canada, DownUnderland and Scandewegia, too. They’ve shared the same highs and disadvantages as us, nothing on the market, bidding wars for what there is, first-timers not affording anything, those sitting tight thinking they’re rich. It is now, however, unravelling in a few of those places, with prices falling, interest rate rises biting, and reality setting in. As it always does, alas. What goes up has to eventually bump against a ceiling of some kind. So if you have a home, be glad for those who might now be able to afford one.

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What’s going to happen to house prices?

What’s going to happen to house prices?

OK, hands up, I’ve consistently said house prices can’t go up, certainly at this rate, forever. And I’ve been consistently wrong. So far. I’ve spoken to two clients this week, one buying, one selling, who’ve had to pay or been paid over the asking price.