Spatially Displaced Demand and the Changing Geography of House Prices in London, 1995–2006

Abstract

This paper discusses the links between the growth of high incomes and gentrification in inner London on the homeownership market. It examines changes in average London house prices by borough using data from 1995 to 2006. It shows that while the top priced boroughs in 1995 were still at the top of the distribution in 2006, and the lowest priced boroughs were still at the bottom, there has been a catching up process with some of the highest rates of price inflation in the lowest priced boroughs, and vice versa. It considers various explanations for these changes and outlines the concept of spatially displaced demand from the expensive boroughs to help explain price rises in the cheaper boroughs.

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