UK house prices have risen by 79.4% in the past 10 years
Despite the global pandemic hitting the global economy, UK house prices have risen by 79.4% over the past decade, and have risen more broadly across OECD countries.
Money.co.uk’s research analyzed average house prices across OECD countries over the past 10 years.
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It has been revealed that the UK has ranked 10th in terms of property price growth rate.
Countries with the largest increase in real estate prices
ranking country Average house price per square meter (2010) Average house price per square meter (2020) Price increase (%) Average annual wage difference between 2010 and 2020 (%) Average inflation rate 2010-201 Israel £1,553 £ 6 ,920345.7%17.5%0.92%2 Switzerland £3,197 £8,489165.5%2.4%-0.04%3 Germany £1,781 £4,666162.0%14.2%1.25%4 United States £1,081 £2,73815 3.3%13.7%1.72%5 Hungary £838 £1,993137.8%17.3%2.56%6 Slovakia £997 £2,111111.8%18.9%1.58%7Fr Ans £3,459 £6,934100.5%2.8% 1.06%8Portugal £1,228£2,29086.5%-1.3%1.06%9Japan £3,235£5,66475.1%1.1%0.42%10United Kingdom £2,469£4,31874.9%0.6%1.97%
Israel has seen the highest increase in average real estate prices over the past 10 years, with average prices increasing by 345.7%. However, average wages in the country rose only 17.5% over the past 10 years, while inflation was just 0.92%.
Switzerland ranks second with real estate prices increasing by 165.5% since 2021. Switzerland is known for its high cost of living, which has clearly increased dramatically over the past decade, compared to average wages which have only increased by 2.4%. After Switzerland was Germany, where real estate prices rose by 162% and wages rose by 14.2%.
“House prices have risen significantly over the past year in most regions of the Northern Hemisphere,” said Deniz Igan, deputy director of the IMF’s research department’s macro finance division.
Enrique Martínez García, senior research economist at the Dallas Fed, said some countries are showing signs of “housing fever.” He attributed this to fiscal and monetary stimulus during the pandemic.
