BENGALURU : The sizzling pace of house price rises in most major world housing markets since the pandemic began has likely peaked, but affordability is set to remain stretched or worsen in the next few years, according to Reuters polls of experts.
Taken together with rising materials costs - and a lack of supply of affordable homes in many markets even before the pandemic drove many homeowners to search for more living space - home prices are nearly certain to rise further. Asked how housing affordability would change over the next few years in markets they cover, over 80per cent of poll respondents, or 77 of 94, said it would worsen or stay about the same.
"We are forecasting housing market activity to settle into a more sustainable pace over the next 18 months, with some payback from home sales that were likely pulled forward during the pandemic." Apart from Dubai, house prices in the U.S., Canada, UK, India and Australia were rated above 5, where 1 was cheap and 10 is expensive, with New Zealand rated 9, suggesting residential properties there were beyond reach for first-time buyers.
Nearly 40per cent of analysts who responded to an additional question said the biggest downside risk to their house price forecasts were central banks moving away from pandemic stimulus, followed by the spread of new coronavirus variants.
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