When keeping a keen eye on the UK housing market it is easy to forget that there are other housing markets around the world. We become engrossed in the health of our own market and stay focused on what is happening here. It can help at times to not only compare the health of the market against past years, which is the usual trend, but to compare it to the health of other nation’s housing markets around the world in its current state. Judging the health of the UK market against other countries can give one a broader outlook and vision on which to make better conclusions as to the health of the market overall.

The Toronto based international financial organization Scotiabank, which dates back to 1671, positioned Australia's housing market at number 1 in 2010. The ranking they gave the 12 advanced nation's housing market's in their decision were in respective order: Australia, Canada, France, Sweden, Switzerland, United Kingdom, Germany, Ireland, Italy, Japan, and Spain.

In 2010, the UK ranked 6 out of 12 in a ranking of the major housing markets in advanced nations. The number one position was as previously mentioned held by Australia's housing market last year. Currently that country is seeing problems now in what was the largest growing market of all housing markets in the world. According to a report recently released by the US consulting firm Demographia, Australia has the most unaffordable housing market in the English-speaking world. The report stated that the median home price in that country is about 6.1 times the gross annual median household income. According to figures from RP Data, the median home price in Australia was $460,000 in October, compared with that of the US which was $US 168,800 in December.

The Toronto based international financial organization Scotiabank, which dates back to 1671, positioned Australia’s housing market at number 1 in 2010. The ranking they gave the 12 advanced nation’s housing market’s in their decision were in respective order: Australia, Canada, France, Sweden, Switzerland, United Kingdom, Germany, Ireland, Italy, Japan, and Spain.

Of the 12 nations tracked by Scotia Economics' latest Global Real Estate Trends report, the estimated average inflation-adjusted home prices increased this year in six (Australia, Canada, France, Sweden, Switzerland and the U.K.), were flat in two (Germany and the United States) and fell in four (Ireland, Italy, Japan and Spain). Of the 12 markets, 8 suffered price declines in 2009.

The housing markets of all 12 nations most are facing changes in the beginning of 2011. Lending constraints are not only being seen in the UK and the housing market in most countries are seeing a drop in buyers resulting in a house prices declining. Even number one ranked Australia is expected to see its own housing market deteriorate in 2011.

According to major lender National Australia Bank, house prices in Australia are forecasted to decline 0.5 per cent in the next year with Brisbane seeing the largest decline at a possible 1.7 per cent. As in the UK, there is expected to be more demand on what is already a tight supply of rental properties. Rents are expected to increase by 2.8 per cent in 2011 and by as much as 4.1 per cent in the next two years.

In a statement concerning the Australian housing market, Adrienne Warren, Senior Economist with Scotia Economics, said: "The rebound lost some steam in the latter half of the year, mirroring the general loss of momentum in global growth, though regional performances remain highly varied."

"Despite still attractive borrowing costs, the expiry of purchase incentives in many markets, the relatively slow pace of job creation and mounting concerns over the financial strains facing debt-heavy developed nations are weighing on confidence. These factors will likely keep many prospective buyers on the sidelines in 2011."