Annual residential property price inflation fell to 4.8% during the second quarter of 2008, down from 6.1% in the first quarter of the year. Prices are now falling in almost half the markets listed in the Knight Frank Global House Price Index, although growth rates in double figures are still being recorded in eight markets – Bulgaria, Slovakia, Russia, the Czech Republic, Hong Kong, Singapore, Cyprus and Colombia. Nevertheless, this presents a considerable contrast to a year ago, when double-figure house price inflation was seen in over a third of the markets covered. The economies of central and south-eastern Europe appear to be the strongest performers, while northern Europe (including the Baltic States), together with the United States, are suffering the most.