Migrants Knock Thousands Of Pounds Off UK House Prices, Study Says

From The Express:
Prices could plummet by nearly two per cent in areas where refugees arriving from Europe and the Middle East are settled, according to leading academics.

Towns and cities in northern England are likely to be the worst affected by any influx, with a typical home losing more than £3,000 of its value.

David Cameron has announced plans for Britain to take in 20,000 Syrian refugees over the next five years amid fierce criticism of his handling of the European migrant crisis.

Research by Express.co.uk has indicated that the majority of those people will be housed in a handful of working class towns in the north, with hardly any settling in the more affluent south east.

But academics who studied property price atterns discovered that they often slump shortly after migrants arrive in a neighbourhood.

They calculated that a one per cent rise in the number of migrants in a community causes a 1.7 per cent fall in property prices.

Researchers said that this is because wealthy Britons leave their neighbourhoods when immigrants move in, triggering a fall in demand for housing.

They added that immigrants are often less able to afford high-end housing and are more likely to rent, meaning that prices do not rise as quickly as in other areas.

The report by academics at King's College London backs up previous research, which has also indicated that large influxes of migrants have a negative effect on house prices.

Any such effect is more severe when the immigrants have lower levels of education, researchers said, because the current population would often rather move out and live amongst people with a similar educational background.

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