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House Prices Rise By 20 Per Cent In 15 Years  

House Prices Rise By 20 Per Cent In 15 Years

House prices in Britain have soared by around 20 per cent in the past 15 years due to an influx of foreign money, according to a new study.

The research by King's College London showed the average price is around £215,000 but would have been about £174,000 without the investment from overseas.

University researchers said the cash has also had a 'trickle down' effect to less expensive properties.

Money from abroad has impacted house prices mostly in the South East and major Xổ Số Miền Trung Xổ Số Miền Trung cities in the north, such as Liverpool, Leeds and Manchester.

But researchers warned there was no evidence the increase in foreign investment lead to an increase in housing building or in the share of vacant homes.

A new study claims average house prices have risen by around 20 per cent in the past 15 years due to foreign investment, particularly in the north and south east. Pictured is a home in Merseyside

A new study claims average house prices have risen by around 20 per cent in the past 15 years due to foreign investment, particularly in the north and south e

r />Pictured is a home in Merseyside

Instead there is evidence it reduces home ownership rates, suggesting some Britons may be priced out of the market in areas where foreign investors are more active and have to rent rather than own their homes.

The study by Professor Filipa Sá at the School of Management & Business, King's College London, was based on an analysis of new data from the Land Registry.

Prof Sá said: 'One of the factors behind house price growth in countries such as the UK, Australia and Canada is demand from foreign investors.

'This study looks at data for the UK and argues that foreign investment had a significant and positive effect on house price growth in the last 15 years.

'This effect is present at different percentiles of the distribution of house prices and is stronger in local authorities where housing supply is less elastic.

'Foreign investment is also found to reduce the rate of home owners

r />There is no evidence of an effect on the housing stock or the share of vacant homes. '

The study notes since 1999 average house prices in England and Wales have almost tripled from just over £70,000 to about £215,000 in 2014.

Apart from a reduction in 2009, at the height of the global financial crisis, house prices increased every year during this period.

Behind this average lies considerable regional variation, with average prices in the prime London area of Kensington and Chelsea reaching £1.3 million in 2014.

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