Two weeks ago we asked, rhetorically, "Whose Housing Bubble Is Bigger?" and showed the April home price increases in the UK and China:
Today, we have our answer. As the WSJ reports, "U.K. house prices rose at the fastest monthly pace in almost 12 years and to the highest level since before the global credit crisis in May, a survey showed Thursday, as demand for homes continues to outpace supply despite tougher new mortgage rules."
Mortgage lender Halifax said the average value of homes purchased by its own mortgage customers hit £184,464 ($308,922) in May, the highest price since April 2008. That marks a 3.9% increase from April—the largest monthly gain since October 2002—and an annual gain of 8.7%.