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Mind the gap: implications of overseas investment for regional house price divergence in Britain

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  • Chris Hamnett
  • Jonathan Reades

Abstract

The UK has had a long-standing regional house price gap with prices in London much higher than the rest of the UK. Using price data from 1969 to 2016 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.

Suggested Citation

  • Chris Hamnett & Jonathan Reades, 2019. "Mind the gap: implications of overseas investment for regional house price divergence in Britain," Housing Studies, Taylor & Francis Journals, vol. 34(3), pages 388-406, March.
    • Handle: RePEc:taf:chosxx:v:34:y:2019:i:3:p:388-406
    DOI: 10.1080/02673037.2018.1444151
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    Cited by:

    1. Jung Sakong, 2021. "Effect of Ownership Composition on Property Prices and Rents: Evidence from Chinese Investment Boom in US Housing Markets," Working Paper Series WP-2021-12, Federal Reserve Bank of Chicago.
    2. Kim, Hyung Min, 2020. "International Real Estate Investment and Urban Development: An Analysis of Korean Activities in Hanoi, Vietnam," Land Use Policy, Elsevier, vol. 94(C).
    3. Panagiotis Petris & George Dotsis & Panayotis Alexakis, 2022. "Bubble tests in the London housing market: A borough level analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(1), pages 1044-1063, January.
    4. Jonathan Reades & Loretta Lees & Phil Hubbard & Guy Lansley, 2023. "Quantifying state-led gentrification in London: Using linked consumer and administrative records to trace displacement from council estates," Environment and Planning A, , vol. 55(4), pages 810-827, June.
    5. David Ley, 2021. "A regional growth ecology, a great wall of capital and a metropolitan housing market," Urban Studies, Urban Studies Journal Limited, vol. 58(2), pages 297-315, February.
    6. Bin Chi & Adam Dennett & Thomas Oléron-Evans & Robin Morphet, 2021. "Shedding new light on residential property price variation in England: A multi-scale exploration," Environment and Planning B, , vol. 48(7), pages 1895-1911, September.
    7. Smith, Duncan A. & Shen, Yao & Barros, Joana & Zhong, Chen & Batty, Mike & Giannotti, Mariana, 2020. "A compact city for the wealthy? Employment accessibility inequalities between occupational classes in the London metropolitan region 2011," Journal of Transport Geography, Elsevier, vol. 86(C).

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