House prices are rising in many major economies

House prices are booming in almost every major economy in the wake of the coronavirus pandemic, forging the broadest rally for more than two decades. Historically low interest rates, savings accumulated during lockdowns and a desire for more space as people work from home are all fueling the trend, analysts said. IMF says the increases in house prices relative to incomes makes housing unaffordable to many segments of the population. Further, the statement revealed, The post-pandemic working arrangements could also exacerbate inequality concerns as high-earners in tele-workable jobs bid for larger homes, making homes less affordable for less affluent residents. The surge in house prices has also had an impact on headline inflation in some countries and could contribute to more persistent inflationary pressures.