The last eighteen months have changed human behaviour and the working environment on a large scale. Most of the companies are running a hybrid model of much of the work being done from home and these employees have been able to choose from a large choice of cities available to them as remote working with twice a week office visit is much affordable with a bigger house and lower costs.
Another level of movement has been that many have shifted back to the home country as the sustainability of staying in cities like London was becoming difficult. This trend has been very visible in Europe as the movement of labor is not restricted.
These two trends have resulted in massive hikes in rentals and home prices in such cities as the demand boost has been quick and large scale as compared to supply or inventory.
Accompanying such trends is another bubble maker that is the lowest interest rates with not a high credit score requirement. But another issue that has been impacted the recovery due to these trends is the availability of labor in large cities despite the wages going up by a large amount.
All these trends will not reverse anytime soon even though the central banks and governments that created this have started to reverse the policies. The next few months are important as the festival season finishes but the credit payments of mortgages and other products start to be paid from personal savings or incomes rather than stimulus checks leaving the lower disposable or even higher chance of a default on such loans