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Rates are persistently low preventing mass inflation which is a risk due to increased money supply. So, property is a nice holding zone, increasing demand thus increasing prices.

In other words, nobody wants to hold liquid asset at the moment.

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Yup, 10-20 years ago things were a bit crazy because you could get savings accounts with 5, 6% interest. Nowadays you get nothing for putting money in savings, so people look for other locations to put their money. It's boosting the stock market and the housing market both, as does low mortgage rates (1% now, 10 years fixed) and in my country at least, a massive housing shortage.

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