Even a small influx of people from overseas into an area can have a noticeable effect on the value of local properties as wealthy people move out, the study concludes.
The research, the first of its kind, contradicts the assumption that immigrants are pushing up house prices and making them unaffordable for those originally there.
In a paper presented to the Royal Economic Society’s annual conference, Filipa Sá, an economist from Trinity College Cambridge, compares local employment figures from the Office for National Statistics with property records from the Land Registry.
She found than an influx of immigrants equal to one per cent of the local population was linked to a 1.6 per cent drop in average local property values.
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