Property values may seem high in the UK but spare a thought for buyers in other countries such as Israel, Switzerland and Germany where prices and growth are far higher.
Research has revealed that the UK actually only ranks tenth when comparing property price growth over the past decade among Organisation for Economic Co-operation and Development countries.
The analysis by Money.co.uk found that prices per square metre in the UK grew 74.9 per cent over the past decade to £4,318.
But Israel actually took top spot with growth of 345.7 per cent over the same period to £6,920 per square metre.
Its price increases are made slightly easier than in the UK though as wages in the country have risen 17.5 per cent between 2010 and 2020 compared with just 0.6 per cent in the UK.
Similarly, the cost of living, or inflation, in Israel has only gone up 0.92 per cent compared with 1.97 per cent in the UK.
Switzerland ranked in second place with property prices increasing by 165.5 per cent.
Closely following Switzerland was neighbouring country Germany, which saw property prices jump by 162 per cent, from £1,781 per square metre in 2010 to £4,666 in 2020.
See how the countries with the highest price growth rank and how wages and inflation compare in the table below.
|
Rank |
Country |
Average house price per sq metre (2010) |
Average house price per sq metre (2020) |
Price increase (%) |
Difference in average annual wage 2010 to 2020 (%) |
Average inflation rate 2010-20 |
|
1 |
Israel |
£1,553 |
£6,920 |
345.7% |
17.5% |
0.92% |
|
2 |
Switzerland |
£3,197 |
£8,489 |
165.5% |
2.4% |
-0.04% |
|
3 |
Germany |
£1,781 |
£4,666 |
162.0% |
14.2% |
1.25% |
|
4 |
United States |
£1,081 |
£2,738 |
153.3% |
13.7% |
1.72% |
|
5 |
Hungary |
£838 |
£1,993 |
137.8% |
17.3% |
2.56% |
|
6 |
Slovakia |
£997 |
£2,111 |
111.8% |
18.9% |
1.58% |
|
7 |
France |
£3,459 |
£6,934 |
100.5% |
2.8% |
1.06% |
|
8 |
Portugal |
£1,228 |
£2,290 |
86.5% |
-1.3% |
1.06% |
|
9 |
Japan |
£3,235 |
£5,664 |
75.1% |
1.1% |
0.42% |
|
10 |
United Kingdom |
£2,469 |
£4,318 |
74.9% |
0.6% |
1.97% |
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