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Global Residential Property Prices 'Stagnant'

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Global Residential Property Prices 'Stagnant'

By - Monday 05 September 2011

The latest figures published in the Knight Frank Global House Price Index for the second quarter of the year indicate that growth in capital values has stalled. On average, the cost of a home increased by just 0.1 per cent during the three months from April to June, compared to the previous quarter, while annual growth stood at just 1.7 per cent.

Asian economies such as Hong Kong, India and Taiwan experienced the greatest annual upward price movement, although the firm noted that efforts among governments in this part of the world to slow gains in property values appear to be having some success. However, Asia still posted the strongest figures of any region, seeing prices rise by eight per cent annually.

Meanwhile, the picture in Europe is very different, with capital values falling by 0.1 per cent during the same period - and North America fared even worse, seeing 0.9 per cent shed from the price of housing in the continent. In an interview with Bloomberg, residential research associate Kate Everett-Allen stated that worries over sovereign debt in some southern European countries were a significant factor in the continent's performance in the index. "There is still a concern that could spread across the European Union and become a bigger issue because it's not dealt with properly," she told the publication.

Among the nations to see the biggest annual price falls were Ireland, Russia, Ukraine, Cyprus and Bulgaria, while the US was ranked 45th with values declining by 5.9 per cent over the course of 12 months. France was the top European country in the table in 6th place with capital growth of 9.1 per cent in the same period. Meanwhile, the UK posted a quarterly rise of 0.2 per cent, although house prices slipped 1.2 per cent on an annual basis.

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