Housing markets surged during the pandemic, as colossal monetary and fiscal policy support and high savings rates pushed valuations to new peaks. This acceleration in price growth was the final stage of a synchronised, decade-long rally in house prices across the advanced economies. House prices also became stretched relative to fundamentals — all G10 economies have seen increases in house price-to-rent ratios since the start of 2015. This largely reflects the impact of low-for-long interest rates and quantitative easing. The big question for 2023 is the extent to which rising mortgage rates will now cause a correction in house prices.
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