Report here from the UK Ministry of Housing, Communities and Local Government
Analysis of the determinants of house price changes
If the number of households increases by 1 per cent, house prices would increase by about 2 per cent;
A 1 per cent rise in real incomes would increase house prices by 2 per cent;
If interest rates increase by one percentage point then house prices would fall by around 3per cent; and,
If housing stock increases by 1 per cent, house prices would fall by around 2 per cent.
In 1991, the population of England was 47.1 million
In 2016, the population of England was 54.5 million
This is equivalent to an increase of 16 per cent over this period (1991 to 2016). Applying the relationship from the University of Reading model set out in the methodology section above (a 1 per cent increase in the number of households leads to a 2 per cent increase in house prices)
this increase in the population is expected to have led to a 32 per cent increase in house prices,
holding all else equal.
Over the same period (1991 to 2016) the non-UK born population of England increased by 4.8 million; from 3.5 million to 8.4 million (these figures do not sum due to rounding).
Applying the relationship between household growth and house prices derived from the University of Reading affordability model, the increase in the non-UK born population in England is expected to have led to a 21 per cent increase in house prices; holding all else equal.