Problems in global housing markets raise the spectre of a second financial crisis.

PHOTO:  MATT CARDY/GETTY IMAGES Property prices in the UK and large swathes of Europe and Asia have soared since the financial crisis.

The world economy is vulnerable to a major housing crash that could lead to a credit crunch, analysts have warned, potentially hitting global growth far harder than the trade war or a no-deal Brexit.

Property prices in China, Canada, Australia, the UK and large swathes of Europe and Asia have soared since the financial crisis, building up serious risks, according to economists at IHS Markit.

Their analysis raises the spectre of a repeat of the financial crisis a decade on, with debts building in the very same sector of the economy – albeit outside the US, rather than in the same location.

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