A fascinating report by the Organisation for Economic Cooperation and Development (OECD) has revealed that Britain has the eighth most over-valued property market in the world.
The OECD study looked at house prices in comparison to local wages and rents, indicating that Britain’s prices are not keeping up with affordability and are currently 31% too high compared to rents and 21% too high against incomes.
Belgium, Canada and Norway were the most expensive, followed by New Zealand, France and Australia. Portugal, Germany, Ireland and Japan were highlighted as the best countries for cheap property.
But although Britain is classed as having over-priced property stock, it’s one of many markets which is continuing to experience a rise in values. According to this article by The Daily Mail, a lot of this is down to the market in London, which is ‘propping’ up the rest of the country thanks to an influx of foreign buyers continuing to fuel demand in some of the more affluent neighbourhoods.