House Price Growth Slows in Q3 – Knight Frank

According to the latest report published by Knight Frank, the global recovery of house prices has slowed in the third quarter of 2010 because almost 50% of countries worldwide registered negative growth.

This resulted in the overall improvement of house prices by 3.1%, which compares to 4.3% in the second quarter of 2010.

Meanwhile, even these gloomy figures are more positive than at the same time last year, when house price growth stood at -6.2%.

The poor results demonstrated in the previous quarter are due to house price falls in several countries, 14 out of which are European, said Knight Frank.

Commenting on the figures, Mr. Bailey, head of residential research at Knight Frank, said that "there are still considerable issues playing out across the global markets" as almost 30% of countries experienced house price falls in the third quarter of 2010. The major "trouble-makers" are China, Canada, New Zealand, Taiwan, Columbia, UAE, Greece, Norway, Iceland, Portugal and UK.