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Mind the Gap: Implications of Overseas Investment for Regional House Prices Divergence in Britain

Research output: Contribution to journalArticlepeer-review

Original languageEnglish
JournalHOUSING STUDIES
Early online date14 Mar 2018
DOIs
Accepted/In press19 Feb 2018
E-pub ahead of print14 Mar 2018

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Abstract

The UK has had a long standing regional house price gap with London much less affordable than the rest of the UK. Using price data from 1969-2017 we track price differentials through several cycles of boom and bust, and note the growing divergence of London, particularly central London, from the rest of Britain. In explaining this divergence, we highlight the growing importance of international investment since the global financial crisis. We conclude that, although 'Brexit' may have brought the latest long London boom to a close, there is nothing to suggest that the regional house price gap will close. Given the ongoing importance of global financial inflows to major world cities, this has significant implications for how governments approach affordability and housing policy.

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