For those who like to take comfort from seeing the UK market in a global context I commend to you the latest round-up of international house-price indicators by the Economist.

What is clear is just how far the UK house prices have boomed compared with most other countries. That the UK's national index shows growth tha tis double that in the US nationally may worry some people.

What I find more intriguing is that on a crowded island with a population density of 340 people per square km house prices can have fallen by one third over the past 10 years, as they have in Japan. Note the UK population density works out at about 250 per square km. (Taken from CIA World Factbook).

The commentary is well worth a read, but it must be noted that the Economist has been bearish on the housing market since about 2003 when the market began to look as if it was straying well away from most long-term trend lines.