House prices in the UK are a major topic of discussion if you talk to anyone in regards to the economy, interest rates, or the future of the housing market. It is also a side item topic if you talk about the careers and job opportunities of the young people in our nation since the lack of adequate and affordable housing will become even more scarce and push them elsewhere to build their lives, so say experts. However, the UK is not where house prices are rising at the greatest rate across the globe.

Hong Kong is at the top of the list for the greatest growth of house prices at 16.43% for the year to June. Overall, house prices increased in 28 countries and declined in 11 of those reported on by the research firm Global Property Guide. Ireland realized the second sharpest increase in house prices and came in at number one for Europe at 10.81%.

The three countries rounding out the top five were: Estonia 8.99%, Philippines 6.61%, and Iceland 6.19%. Finishing out the top ten were Japan 6.13%, USA 5.39%, Israel 5.22%, New Zealand 5.19%, and Romania 4.83%.

Of the 20 European housing markets which had data available for analysis, 13 recorded rising house prices in the past year. The UK, Germany, and Norway reported house price growth of close to 4%.

The largest declines were recorded by the UAE 11.7%, Russia 11.1%, and the Ukraine 10.6%.

House prices are expected to show steady growth throughout the UK till the end of the year with increased demand forecasted once lenders begin to pull their cheapest mortgage rates due to higher funding for lending costs or when the Bank of England increases the standard base interest rate for the first time since March 2009.