Introduction

With interest rates at historic lows, prices were showing healthy growth in the years before the pandemic. But when stimulus packages met a desire to move to the country for a bigger backyard, that growth went into overdrive. It doesn't look as though it can last. What markets are most exposed and what does this mean for buyers and sellers today? I have with me John Bell, head of our European construction and house building team; Michael Schway, an FX strategist whose G10 housing monitor is a must read in the industry.