60 Second Property Digest - Global housing market slowdown
Kate Everett-Allen, head of international residential research, explains why consumer sentiment has dipped as inflation and mortgage costs continue to rise.
1 minute to read
Download
Our prime residential forecast sets out out our view for the direction of travel for prime prices across 25 cities in 2023.
Download the Prime Residential Forecast
The global housing market slowdown
Property prices surged during the pandemic as homeowners reassessed their housing requirements in the wake of lockdowns, with many accruing significant savings and switching to hybrid working.
The Economic landscape is changing and mortgage costs are rising. The US 30-year fixed rate mortgage deal has topped 7% for the first time in two decades.
Consumer sentiment has dipped. The cost of living has accelerated, with energy prices spiralling due in part to the conflict in Ukraine.
So what happens next?
Well, we’re tracking a range of live datasets to gauge the speed and longevity of the slowdown.
Our latest Prime Global Cities Index which tracks the movement in luxury residential prices across 45 cities worldwide reveals that its those locations that registered the strongest price growth that are taking the biggest hit.
San Francisco, Toronto, Wellington in NZ, Stockholm, Vancouver, Los Angeles and Seoul all recorded some of the largest price falls in the three months to September of this year.