London Property Values Tied to Global Events

A new study out of Oxford’s Saïd Business School provides evidence of the influence of external factors, such as foreign wars and environmental crises, on the London housing market.

1 minute read

January 15, 2014, 8:00 AM PST

By James Brasuell @CasualBrasuell


Jason Karaian, covering the new report for Quartz, first describes the well established outlier that is London’s housing market relative to the rest of the country: “For some time, property prices in London have disconnected from the UK as a whole; London homes are both the most expensive and fastest appreciating in the country. The average London house is now worth £441,000 ($724,000), versus the £248,000 national average.”

Karaian quotes the researchers directly to announce the report’s findings: “Our empirical results document that increases in political uncertainty in Southern Europe, China, Russia, and the Middle East are associated with well-identified increases in London house prices in specific wards.”

Providing a further layer of interpretation, buyers from different parts of the world will buy in different parts of town as a response to turmoil: “Turmoil in China, Russia, and the Middle East is strongly correlated with price rises in well-to-do London neighborhoods, while upheaval in Southern Europe and South Asia is more closely linked with price hikes in lower-income wards with a large share of residents from those regions.”

Tuesday, January 14, 2014 in Quartz

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