Which housing markets are most exposed to the coming interest-rate storm?

The pain of rising mortgage repayments will be harder to bear in some places than in others

But you wouldn’t know it by looking at the rich world’s housing markets, many of which continue to break records. Scarce housing supply together with robust demand, high levels of net household wealth and strong labour markets should also support property prices. In some countries mortgage rates may often be fixed, but for a period that is too short to protect borrowers from the interest-rate storm. Bring this together, and some housing markets seem set for more pain than others. Housing markets in Britain and France will fare better in the short term but look exposed if rates rise further.

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