Sa, Filipa (2016) The effect of foreign investors on local housing markets: evidence from the UK. CFM discussion paper series (CFM-DP2016-39). Centre For Macroeconomics, London, UK.
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Abstract
I use newly-released administrative data on properties owned by overseas companies to study the effect of foreign investment on the housing market in England and Wales. To estimate the causal e§ect, I construct an instrument for foreign investment based on economic shocks abroad. Foreign investment is found to have a positive e§ect on house price growth. This e§ect is present at di§erent 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 ownership. There is no evidence of an e§ect on the housing stock or the share of vacant homes
| Item Type: | Monograph (Discussion Paper) |
|---|---|
| Official URL: | http://www.centreformacroeconomics.ac.uk/Home.aspx |
| Additional Information: | © 2016 The Authors |
| Divisions: | Centre for Macroeconomics |
| Subjects: | H Social Sciences > HB Economic Theory |
| JEL classification: | F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment; Long-Term Capital Movements R - Urban, Rural, and Regional Economics > R2 - Household Analysis > R21 - Housing Demand |
| Date Deposited: | 12 Dec 2017 11:31 |
| Last Modified: | 11 Dec 2024 19:23 |
| URI: | http://eprints.lse.ac.uk/id/eprint/86173 |
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