House prices are surging.
Demand for homes with more space, supply restrictions and record-low mortgage rates have all contributed to driving US house prices up almost 15% in the last 12 months. That's the fastest 12-month rise in house prices in at least the last 3 decades according to data from the S&P Case-Shiller national home price index.
It's not just 'Merica
House price data in the UK, released yesterday, shows UK house prices are also up 13% year-on-year. Prices are also rising in Canada, Australia, New Zealand and many other countries around the world.
Winners and losers
If you're a homeowner in any of the countries experiencing a house price surge then you have our congratulations — you're probably a reasonable amount wealthier on paper than you were 12 months ago. If however you're a prospective home owner, you're probably a lot less excited by this news — particularly if your career has gone sideways, or into reverse, since the pandemic started.
