The latest (Q3 2013) Knight Frank Global House Price Index now stands 4% above its previous peak in the second quarter of 2008 and 12.7% above its financial crisis low in the second quarter of 2009.

Prices rose on average by 1.5% in the third quarter taking annual price growth to 4.6% and Kate Everett-Allen, head of international residential research, said that this suggests that the world’s housing markets are gaining traction.

Over 69% of the countries tracked by the index recorded positive price growth in the year to September, yet two years earlier this figure was closer to 55%.

The data shows that the key emerging markets of Dubai, China and Hong Kong recorded the largest annual rise in mainstream prices, increasing by 28.5%, 21.6% and 16.1% respectively.

The performance of a number other emerging markets, most notably Taiwan, Indonesia, Turkey and Brazil, has bolstered the index this quarter. They recorded price growth of 15.4%, 13.5%, 12.5% and 11.9% respectively in the year to the end of September.