Global house prices rose are rising at their fastest pace since 2005 as low interest rates, a shortage of housing and bountiful household savings continue to boost the housing market.

The average annual price change across 55 countries rose to 9.2 per cent in the 12 months to June, according to property consultancy Knight Frank. It is the fastest rise since the 12 months to March 2005, and is up from 4.3 per cent over the same period last year as more countries’ property markets heat up.

Overall, one in three countries registered double-digit price growth, including Russia and Germany. The US, Australia, New Zealand, Turkey and Canada registered nominal house price growth of more than 16 per cent, Knight Frank data showed.

“The pandemic-induced housing boom continues,” said Kate Everett-Allen, head of international residential research at Knight Frank. However, “this is a story largely confined to advanced economies…

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