House prices are booming in almost all major economies in the wake of the coronavirus pandemic, forging the largest rally in more than two decades and rekindling concerns among economists about potential threats to financial stability.

Of the 40 countries covered by OECD data, only three have experienced a decline in house prices in real terms in the first three months of this year – the lowest proportion since the start of the data series in 2000 , according to an analysis by the Financial Times.