“A cocktail of ingredients is sending house prices to unprecedented levels worldwide,” economist Niraj Shah wrote in the report. “Record low interest rates, unparalleled fiscal stimulus, lockdown savings ready to be used as deposits, limited housing stock, and expectations of a robust recovery in the global economy are all contributing.” The analysis focused on member countries of the Organisation for Economic Co-operation and Development. Stay-at-home workers in need of more space and tax incentives offered by some governments to home buyers are also stoking demand, according to the research. Bloomberg Economics’ dashboard compiles five indicators to estimate a country’s ‘bubble rank,’ with a higher reading indicating greater risk of a correction. Among the indicators, price-to-rent and price-to-income ratios help assess the sustainability of price gains. House price growth measures current momentum. For many countries in the OECD, the price ratios are higher than they were ahead of the 2008 financial crisis, according to the Bloomberg Economics analysis.