As rate rises hit borrowers, we ask if the global housing market is heading for a painful downturn.
Things were looking up for the housing sector at the end of 2021.
House prices across countries in the Organisation for Economic Co-operation and Development (OECD), were growing at their fastest pace for 50 years. And all of this was underpinned by low borrowing costs and savers with money to burn.
Now, a year later, things are not looking so rosy.
High inflation has led to central banks hiking their base rates, wages are not keeping up with the rising cost of living, and the economic repercussions from the war in Ukraine will be felt for some time to come.