Global house prices rise

Mortgage approvals in Britain rose in May to their highest level since March last year, according to data yesterday from the British Bankers’ Association.

Meanwhile, home prices in Australia are shooting up. Approvals for house purchase rose to 42,530 from 42,020 in April, up around 4% compared with a year ago, the association said.

“The numbers show that the property market remains buoyant after the general election,” said Richard Woolhouse, chief economist at the association.