The struggling UK sales market has propelled the nation ten places down the global house price index list, Knight Frank has revealed, and has been overtaken by a list of countries unknown previously for their perky housing markets.
Demand from Britons for holiday homes in Spain and Greece has fallen sharply as Brexit uncertainty and the fall in sterling drive house hunters away
"The cumulative 41 percent drop is a big price adjustment but to be able to say we are seeing a bottom we need to have stabilisation on three important influencing factors: household disposable income, real estate taxes and improving economic prospects," said Ilias Lekkos, chief economist at Piraeus Bank
Global house prices have increased by a median of 4.7% year on year led by Hong Kong, Turkey, Ireland, Sweden and Australia, a new international report shows.
Overall prices have increased in 21 of the 26 countries tracked by the Economist House Price Index but growth does vary from nation to nation.
The growth is topped by Hong Kong with annual price growth of 20.8%, followed by Turkey with a rise of 18,8%, Ireland up 13.4%, Sweden up 10.3% and Australia up 7.5%.
Commercial property investment activity in Europe reached its highest level since 2007, totalling €102.5 billion in the first half of 2015, the latest market analysis report shows.
The investment volume across the 16 participating countries was 25% up on the same period last year, according to the European Investment Briefing report from international real estate advisor Savills.
The pound rose to its highest rate against the euro since November 2007 on Thursday, climbing to €1.4350 at one point.
The euro fell against both the pound and the dollar as markets assessed potential interest rate moves over the next few months.
The European Central Bank is expected to maintain its loose monetary policy for some time to come.
However, markets are now waiting for rate rises in the UK and US.
More than a million British holidaymakers will be heading to Greece this summer, and as the crisis unfolds many will naturally be feeling nervous about how it could affect them.
Greek banks are shut and there are restrictions on how much Greeks can withdraw from banks - known as capital controls.
But tourists' credit and bank cards issued abroad can be used at functioning cash machines freely - subject to queues and the amount of cash in them.
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