International Investment in London Residential market effect the house price, demand and supply for local population

This research paper investigates the impact of international investment on the house price, demand, and supply in the London residential market. It explores the role of overseas investors, social and economic aspects of foreign investment, and the implications for the local population. The study uses a questionnaire to collect data from real estate brokers.

Research Pilot Paper
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CONTENTS
TITLE: “International Investment in London Residential market effect the house price, demand
and supply for local population”......................................................................................................3
INTRODUCTION...........................................................................................................................3
Overview and background of study.............................................................................................3
Research Objectives.....................................................................................................................5
Research questions.......................................................................................................................5
SELECTION CRITERIA................................................................................................................5
RESEARCH INSTRUMENT PROTOTYPE..................................................................................6
PROPOSED DATA ANALYSIS TECHNIQUES..........................................................................9
Data Analysis...............................................................................................................................9
Data Interpretation.....................................................................................................................11
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18
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TITLE: “International Investment in London Residential market effect the house
price, demand and supply for local population”
INTRODUCTION
Overview and background of study
The housing investment is considering to be one of the most significant and long term
investment that an individual perform within his or her life. When it is considering in economic
term the house price within equilibrium are mainly set by the balance of demand as well as
supply. Even within equilibrium the price gets beyond the budget for some household that make
them unable to pay and get access to home ownership. This happens due to increasing cost of
living, overcrowded area, insecure tenure, high rent charges etc. The housing price within
London are relatively higher and are constantly rising the faster rate that country as a whole. The
main reason behind it is increasing international investments (Akimov, Stevenson, and Young,
2015). This is so because the measures of foreign investments are directly using the new data set
which is released by the Land Registry which contains information regarding all the property
transaction within England and wales registered to overseas companies. The foreign investments
are considering to have a positive as well as significant effect over the house price. This is
because with the increase in one percent point in the volume share of residential transaction
registered to overseas company results into an increase of around 2.1 percent within the house
price.
The increase in international investment within eth London residential market affect the
price, demand and supply of it for local population to a great extent (Auspurg, Hinz, and Schmid,
2017). As housing is a thing which is mainly demanded by the people in order to get access to
local facilities, employment opportunities as well as other kind of services provided within a
country. And due to all this the desire for purchasing a house will get affected by demand for
these other market. The higher price within a particular area may therefore affect a relative
abundance of amenities and offering residence the high quality of life. The London is
considering as home for several institutions, business houses and bank which consider to be a
major factor which attract more and more people to come and stay for availing the utilities and
amenities which this city usually provide (Baptista and et. al., 2016). This in turn attract more
people from foreign countries in search of job opportunities as well as a better life to stay within
London and hence their moment in country is high which increases the price of residential
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purchases which in directly affect the supply of housing. Other than this several business belongs
to other country also hold up their branch within London due to its higher spending rate which
help them in getting better earning of profit (Bonell, and et. al., 2015). So, these organizations to
purchase the houses for their staff members which in turn increases the price of housing. Other
than this for setting up their business and other branches within city they also invest more over
its development which bring up foreign investment over the land of London which is relatively
higher rate. So when the real estate dealer of London gets better earning from the overseas
investors then they usually increase the price of their Land and hence it increases the price the
residency lands and building which further affect the affordability of local people. Hence it can
be said that local population is highly affected with eth international investments that are going
within country from overseas.
The involvement of overseas investment is relatively higher within several properties
specially residency in London. Almost all of the London’s large residential development sites
used overseas investment for getting them a speed up development and a quick start to project
(Nuuter, Lill, and Tupenaite, 2015). Additionally, many build to rent schemes also get benefited
with the overseas funding which the development process and are owned by the foreign
institutions. Hence, it can be said that the international investors are very much interested within
the property of London and remain focused toward investing over it as they found huge return
over it. This is the main cause that international investment has a huge impact over the demand
and supply of residential property within London and hence it affects its price which make it
difficult to afford for local people. The overseas buyer is investing within London property from
years by countries like USA, Russia, Arab countries, Europe, Africa etc. Mainly investors invest
within the estate in London is to hold the money for some time in the form of real estate and then
get it sold in higher amount to get a significant return over this (Moser, and Kalton, 2017).
Therefore, it can be said that the strong long run performance of London housing relative
to alternative investment contributed a lot toward the London’s housing stock which is being
increasingly seen as a vehicle in order to hold money and acting as possible further incentives. In
context of foreign ownership, the evidence on it suggest that it is responsible only for the small
share of transaction and likely to present only modest effect over the house prices within
London. There are also remain certain factors which suggest that following the economic crises,
the more demand for the new build properties may have extend lessened the negative impact of
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credit constraints over the construction activity. The purchasing price of a house is not same as
cost of owning a home (Leone, Haynes-Maslow and Ammerman, 2017). Buyers, specially the
first time buyers have to face a significant upfront cost within buying a house. In so far with the
high house price in London are usually supported with the low cost credit which in turn may
make the economy vulnerable to risk of price correction, particularly of the price of borrowing
get rise or access to credit. The demand among the overseas buyers for housing in London is
mainly driven by the desire of living and working within London, but it is also driven partly from
the natural changes in population as well as social economic factors that driven household
formation. This demand results into coupled with increasing ability to finance home ownership,
upward pressure over the price of housing in capital (Hulse, and Yates, 2017).
The house prices in London are high and have been increasing speedily than nation as a
whole. It is specifically true in desirable boroughs in Central London which medium prices of
house in year 2014 is as high as 860000 pounds in Westminster. Many ups and downs have been
witnessed in the housing market of London with volatile prices of houses tending to amplify
alterations in National house prices. Though, falls in nominal value of average home is rare,
several episodes of deflation of real house price has been experienced in London since ONS data
series initiates in year 1969. According to the previous cycles patterns, no clear trends are there
from price data to suggest whether the house prices in London are approaching a peak or a more
exceptional decline adjustment. The house prices ratio to mortgage holders’ income gives an
alternative affordability measure. On the basis of this measure, the pre-crisis average prices of
house in London ranged between 1.9 - 3.5 of mortgage applicant’s income. Housing prices
standard measures in terms of link between earnings, incomes and house prices, thus advise that
an increasing affordability gap is there. With the growth in buy to let market and private rented
sector and overseas ownership, two extra components are there of demand in comparison to the
past. It is also evident that the extra demand of new developed properties might have to some
degree lessen the adverse influence of credit constraints on the activity of construction.
In purchasing a house, buyers and specifically first time purchasers face relevant upfront
cost. In London, the housing demand is partially driven through desirability to work and live in
London as well as is partially driven through natural changes in social economic forces and
population which drives formation of household. The implications of knock-on effects and
market distortions can we serious and influence profoundly on the economy of London as well as
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wellbeing of its citizens. The increase in prices of houses which are unrelated to significant
drivers of supply and demand can create a threat to stability of economy. House price inflation
maximized indebtedness comparative to income as well as distorted economic behaviour. High
prices of houses have also been related to numerous social challenges including overcrowding,
sub-standard living situations and insecure tenure. It may present serious outcomes for
wellbeing, health and sustenance of population of London. Lack of affordability placed
maximized pressure on domestic public finances, for instance, maximizing Reliance on benefits
of housing along with the cost related to education health and lesser extent, offending and crime.
There are several issues related to house price affordability including quality terms, efficiency
terms etc.
Research Objectives
The key objectives of this research study are mentioned below:
 To get understanding about Residential market of London.
 To assess the role of international investors in housing market of London.
 To assess the impact of international investment in London housing market on house
price, demand and supply for local population.
Research questions
The questions in relation to this specific study are as follows:
 Discuss and evaluate the role of overseas investors in London Housing Market?
 What are the social and economic aspects of International Investment in London
Residential Market?
 Critically evaluate the implications of foreign investment in London housing market on
price, demand and supply?
SELECTION CRITERIA
The current investigation is based on “International Investment in London Residential
market effect the house price, demand and supply for local population”, which support in
presenting data regarding the manner in which foreign investments bring influence over the
house residency market of London (Hochstenbach, and Arundel, 2020). This will further support
in determining the actual reason due to which the demand and supply of housing market is
getting affected within London. In order to conduct this investigation, the primary source of data
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collection will be used which help in gathering the fresh and more relevant information about
current area of study. The primary information will be gathered with the help of questionnaire as
it helps in collecting information from larger number of people selected as a sample size in less
possible time period and also provide data in more concise manner which will allow easy
interpretation of information and presenting findings in line with the research aims and
objectives set for the study (Hill, and Syed, 2016).
For this report the sample size is selected as 20 respondents who are real estate brokers that
will be selected using random sampling method under probability sampling. The main reason
behind choosing real estate broker as a sample for this study is that they are dealing with both the
local clients as well as foreign investors within purchasing and sell of houses. This in turn remain
more beneficial for the researcher to gathered the right information about the actual scenario of
housing market. This is so because these brokers will be able to present a comparison between
how the changes has been taken place within housing market after the increase within foreign
investments (Gao and et. al., 2017). Other than this it will also help them in presenting an idea
about manner in which the prices are increasing and the main cause behind it. Other than this it
will also become easier for them to present the true picture of what issues that local population is
facing due to increase within the foreign investment that bring an inequality within the demand
and supply of housing through increasing the price of residential houses. For collecting this
information, the questionnaire will be send to the real estate brokers with the help of personal
mail and they will revert it over using mail only which is one of the most convenient and less
time consuming method to be adopted (Easthope, Stone, and Cheshire, 2018) .
RESEARCH INSTRUMENT PROTOTYPE
Questionnaire is the tool or research instrument that consists of several questions with the
aim to collect information from respondents. The main reason behind using questionnaires that it
is cheap and provide advantage over other survey types. Apart from this, it does not require
much effort from questioner and often considered standardized answers which makes it simple
for the researcher to compile data. It helps investigator in collecting data appropriately by
distributing the questionnaire for taking their responses over the questions or by sending these
through emails to get responses of respondents (Gadziński, 2018). In relation to this particular
investigation, the questionnaire is developed which consist of 11 questions related to the title,
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i.e., “International Investment in London Residential market effect the house price, demand and
supply for local population”. The questionnaire is provided below:
Questionnaire
Name:
Age:
Email:
Address:
Q 1) Do you have any knowledge regarding trends in housing market of London?
a) Yes
b) No
Q 2) According to you, which is the main factor that influence housing market of London?
a) Economic growth
b) Interest rate
c) Unemployment rate
d) Mortgage availability
e) All of the above
Q 3) As per your opinion, what is the impact of higher economic growth on demand of
housing in London?
a) Increase in demand
b) Decrease in demand
c) Neither increase, nor decrease in demand
Q 4) Which is the main type of overseas investor active in residential development in
London?
a) Financial and investment institutions
b) Sovereign wealth funds
c) Developers based in other nations
d) Wealthy individuals
e) All of the above
Q 5) Which is the way that government use to boost the demand of real estate in the market
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on temporarily basis?
a) Tax credits
b) Subsidies
c) Deductions
Q 6) Which is the main reason for overseas buyers behind purchasing property or house in
London?
a) To accommodate family
b) For investment purpose
c) To be use for vacation visit
Q 7) According to you, is there any impact of government policies and regulations related
to housing market on demand and supply of housing?
a) Yes
b) No
c) Neutral
Q 8) How international investment impact on demand and supply for local population and
house price in London housing market?
a) Positively
b) Negatively
c) Neither positively, nor negatively
Q 9) What is your sense of existing price levels being accomplished in London and its
different areas?
a) Very Expensive
b) Expensive
c) Fair Value
d) Cheap
e) Very Cheap
Q 10) What role does overseas investors play in housing market of London?
a) Equity financiers
b) Purchasers of rented property
c) Buyers of bonds of housing association
d) Developers
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Q 11) Mention any potential impact that foreign investors have on housing market of
London
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
PROPOSED DATA ANALYSIS TECHNIQUES
Data analysis can be referred as the process to systematically apply logical or statistical
techniques to clean and transform data evaluated. As this is a quantitative research, the proposed
data analysis method is descriptive analysis. The detail analysed to make sense of the overall
research and draw valid outcomes. Descriptive analysis of data helps in summarising the data or
information in meaningful way (Ferreri, and Sanyal, 2018). The data related to this research is
analysed descriptive analysis and charts and pie diagrams are utilising to present the responses
provided by the respondents on research questions developed. The analysis and interpretation of
data in relation to the research is provided below briefly:
Data Analysis
Q 1) Do you have any knowledge regarding trends in housing market of
London?
Frequency
a) Yes 18
b) No 2
Q 2) According to you, which is the main factor that influence housing
market of London?
Frequency
a) Economic growth 4
b) Interest rate 4
c) Unemployment rate 4
d) Mortgage availability 3
e) All of the above 5
Q 3) As per your opinion, what is the impact of higher economic growth
on demand of housing in London?
Frequency
a) Increase in demand 12
b) Decrease in demand 4
c) Neither increase, nor decrease in demand 4
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Q 4) Which is the main type of overseas investor active in residential
development in London?
Frequency
a) Financial and investment institutions 3
b) Sovereign wealth funds 4
c) Developers based in other nations 4
d) Wealthy individuals 5
e) All of the above 4
Q 5) Which is the way that government use to boost the demand of real
estate in the market on temporarily basis?
Frequency
a) Tax credits 6
b) Subsidies 7
c) Deductions 7
Q 6) Which is the main reason for overseas buyers behind purchasing
property or house in London?
Frequency
a) To accommodate family 7
b) For investment purpose 8
c) To be use for vacation visit 5
Q 7) According to you, is there any impact of government policies and
regulations related to housing market on demand and supply of
housing?
Frequency
a) Yes 15
b) No 2
c) Neutral 3
Q 8) How international investment impact on demand and supply for
local population and house price in London housing market?
Frequency
a) Positively 13
b) Negatively 4
c) Neither positively, nor negatively 3
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Q 9) What is your sense of existing price levels being accomplish in
London and its different areas?
Frequency
a) Very Expensive 5
b) Expensive 4
c) Fair Value 6
d) Cheap 3
e) Very Cheap 2
Q 10) What role does overseas investors play in housing market of
London?
Frequency
a) Equity financiers 5
b) Purchasers of rented property 4
c) Buyers of bonds of housing association 5
d) Developers 6
Q 11) Mention any potential impact that foreign investors have on housing market of
London
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Data Interpretation
Theme 1: Knowledge regarding housing market of London
Q 1) Do you have any knowledge regarding trends in housing market of
London?
Frequency
a) Yes 18
b) No 2
12

Interpretation: As per the above graph, it can be interpreted that out of 20 respondents,
18 people have the knowledge regarding trends in housing market of London and the remaining
2 respondents have no knowledge about it.
Theme 2: Main factor that influence housing market of London
Q 2) According to you, which is the main factor that influence housing
market of London?
Frequency
a) Economic growth 4
b) Interest rate 4
c) Unemployment rate 4
d) Mortgage availability 3
e) All of the above 5
13

Interpretation: According to the above chart, it can be interpreted that according to 4 out
of 20 respondents, economic growth is the factor that impact housing market of London, 4
respondents said that interest rate is the factor which influence housing market of London,
another 4 respondents said that unemployment rate is the main factor, according to three
respondents mortgage availability is the main factor and the remaining 5 respondent said that all
of the above factors influence housing market of London.
Theme 3: Impact of higher economic growth on demand of housing in London
Q 3) As per your opinion, what is the impact of higher economic growth
on demand of housing in London?
Frequency
a) Increase in demand 12
b) Decrease in demand 4
c) Neither increase, nor decrease in demand 4
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Interpretation: It can be interpreted from the above chart that according to 12 out of 20
respondents, increase in demand is the impact of high economic growth on demand of housing in
London, according to 4 respondents, decrease in demand is the impact and the remaining four
respondents said that there is no impact of increase in demand or decrease in demand on housing
in London.
Theme 4: Main type of overseas investor active in residential development in London
Q 4) Which is the main type of overseas investor active in residential
development in London?
Frequency
a) Financial and investment institutions 3
b) Sovereign wealth funds 4
c) Developers based in other nations 4
d) Wealthy individuals 5
e) All of the above 4
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Interpretation: As per the above graph, it can be interpreted that according to 3 out of 20
respondents, financial and investment institutions are the main type of international investor
active in residential development in London, according to four respondents, sovereign wealth
funds is the main investor, 4 respondent said that developers based on other Nations are the main
investors, according to 5 respondents wealthy individuals are the main investors and the
remaining four respondents said that all are the main foreign investors active in residential
development in London.
Theme 5: Way that government use to boost the demand of real estate in the market on
temporarily basis
Q 5) Which is the way that government use to boost the demand of real
estate in the market on temporarily basis?
Frequency
a) Tax credits 6
b) Subsidies 7
c) Deductions 7
16

Interpretation: As per the above graph, it can be stated that according to 6 out of 20
respondents, tax credits is the way that government utilize to increase demand of real estate in
market on temporary basis, seven respondents said that subsidies is the way that government
utilize and according to the remaining seven respondents, deductions is the way that government
utilize to increase real estate demand in market.
Theme 6: Main reason for overseas buyers behind purchasing property or house in London
Q 6) Which is the main reason for overseas buyers behind purchasing
property or house in London?
Frequency
a) To accommodate family 7
b) For investment purpose 8
c) To be use for vacation visit 5
17

Interpretation: The above bar graph stated that according to 7 out of 20 respondents, the
main reason for overseas buyers behind purchasing house in London is to accommodate family,
according to 8 respondents, investment is the main reason behind purchasing house and the
remaining five respondents said that use for vacation visit is the main reason for international
buyers behind purchasing property in London.
Theme 7: Any impact of government policies and regulations related to housing market on
demand and supply of housing
Q 7) According to you, is there any impact of government policies and
regulations related to housing market on demand and supply of
housing?
Frequency
a) Yes 15
b) No 2
c) Neutral 3
18

Interpretation: According to the above graph, it can be interpreted that as per the opinion
of 15 out of 20 respondents, they are agreeing that there is impact of government policies and
regulations on demand and supply of housing, two respondents said that there is no impact on
demand and supply of housing and the remaining three respondents respond neutral towards the
question.
Theme 8: The way international investment impact on demand and supply for local population
and house price in London housing market
Q 8) How international investment impact on demand and supply for
local population and house price in London housing market?
Frequency
a) Positively 13
b) Negatively 4
c) Neither positively, nor negatively 3
19

Interpretation: The above graph stated that according to 13 out of 20 respondents,
international investment impact positively on demand and supply for local population as well as
house price in London housing market, 4 respondents said that international investment impact
negatively on demand and supply and according to the remaining three respondents, it neither
impacts positively not negatively on demand and supply for local population and house price in
London.
Theme 9: Sense of existing price levels being accomplish in London and its different areas
Q 9) What is your sense of existing price levels being accomplish in
London and its different areas?
Frequency
a) Very Expensive 5
b) Expensive 4
c) Fair Value 6
d) Cheap 3
e) Very Cheap 2
20

Interpretation: According to the above graph, it can be interpreted that according to 5 out
of 20 respondents, the current pricing levels are very expensive of being accomplished in
London, four respondents said that the existing price level is expensive, according to the six
respondents, the current price levels are fair, three said that it is cheap and according to the
remaining two respondents the existing price levels are very cheap.
Theme 10: Role that overseas investors play in housing market of London
Q 10) What role does overseas investors play in housing market of
London?
Frequency
a) Equity financiers 5
b) Purchasers of rented property 4
c) Buyers of bonds of housing association 5
d) Developers 6
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Interpretation: As per the bar graph, it can be interpreted that according to 5 out of 20
respondents, the role of equity financers is played by overseas investors in housing market of
London, 4 respondents said that the investors play the role of purchasers of rented property in
housing market of London, 5 respondents said that the play the role of buyers of bonds of
housing association according to the remaining six respondents, overseas investors play the role
of developers in housing market of London.
CONCLUSION
As per the above mentioned report, it has been concluded that Pilot survey is the strategy
which is utilised to test questionnaire by utilising this small sample size in comparison to the
planned sample size. Performing pilot survey prior to large scale or actual survey provides
various benefits to investigator. It helps in exploring the specific issue appropriately that may
potentially have antagonistic influence on the outcomes of survey. It also helps in testing connect
correctness of the instructions which are to be measured through whether respondents in pilot
sample enable to follow indicated directions. It also helps researcher by providing better data
information on whether the survey type is effective in fulfilling objective of research. It also
helps in saving financial resources of the researcher as if errors are identified in questionnaire
early on, then there will be less chance of unreliable outcomes in comparison to the need of
initiate again after performing a survey.
This is the quantitative based research, so the use of descriptive analysis method is effective
in gathering large amount of information on the topic and drawing valid outcomes. This method
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is effective in analysing did it appropriately and provide the opportunity to integrate both
qualitative as well as quantitative method of Data collection. Apart from this, it consumes less
time and saves cost. this research makes use of primary data collection method as it helped
investigator in collecting more accurate information on the topic and draw valid outcomes. The
questionnaire consists of several questions that are answered by respondents. With the help of
questionnaire, researcher is able to collect data effectively on the topic by sending questionnaires
to respondents to answer them.
By the analysis and interpretation of data, it can be concluded that housing investment is the
significant investment of the life of an individual. In London, the housing price is high an
increasing constantly at rapid rate. There are several reasons that influence the housing prices of
London. These factors include economic growth, unemployment, mortgage availability, interest
rate etc. International investments impact positively on the house price of London. The demand
and supply of houses for local population impact to great extent along with the prices. Many
investors are investing in housing market of London in order to hold money for some time and
get it sold after sometime in high amount so that significant returns can be earned.
It can be concluded that the demand for housing is rely highly upon income people. With the
high growth of economy, the income of people are increases which make them able to spend
money on houses and thus the demand increases. High economic growth increases the demand of
the house in London. there are several types of overseas investors which are active in residential
development in London. This includes sovereign wealth funds, financial and investment
institutions, wealthy individuals and developers based in other nations. several ways are used by
government to increase the demand of real estate in market including tax credit, deduction as
well as subsidies which attract investors to purchase houses. The overseas investors invest on
houses due to the reasons like to accommodate family, use for vacation visit and sometimes the
purchase for the purpose of investment. At the time of making purchase of housing, government
regulations and policies highly impacts on the housing market.
23

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