House prices are rising almost everywhere.

The following charts show this.

1. All but 5 cities in the continental United States saw rising house prices in the last 12 months.

(CNBC in the US calls their graphic a “Recovery Watch” – which is ironic really, as the US recovered ages ago. It demonstrates that a lot of commentators and indeed investors are really just living in the past).

2. Every city in the UK recorded the same – apart from Aberdeen, which was significantly affected by the massive fall in oil prices since 2014.

3. The EU saw property prices riseĀ in all countries apart from Croatia, which saw a modest (2.1%) fall over the last year.

(The relevant column is the one on the far right)


This is exactly what you expect at this stage in the cycle.

As a reminder, these articles explain the structure of the cycle.


We are in an expansion phase and over time prices will rise, as will mortgages, construction and house sales.

It may not go up in every city/country all the time – nothing ever does.

But the trend is clear. This is the cycle in action.