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Private investors, international players and the large financial institutions have combined to push property prices to unprecedented levels.
"The unintended consequence is that this could push property prices up further in coming months – the opposite effect to that intended".
As I explained in this recent story, an influx of cash from mainland China along with overseas companies that want a base at China's doorstep have helped push property prices and rents ever higher.
Foreign residents might account for only five per cent of Chianti's 45,000 inhabitants, but tourism has overtaken wine to become the region's most important cash crop, and has helped push property prices in Chianti's medieval hamlets beyond the reach of many of the locals – a lot of the houses are shuttered up in the off-season.
Similar(56)
Inquiries about listings they had seen online sometimes led agents to push properties they couldn't afford.
He has kept the city budget in check, partly by pushing property taxes up.
If sales fell significantly, so would sales tax collections, meaning that the state might find itself cutting local aid, pushing property taxes up again.
This week it said Help to Buy has failed to assist first-timers, arguing that it has stimulated a buying frenzy that pushed property further out of the reach of those on moderate incomes.
It can't be long before hipsters, with their beards and microbreweries, start moving in, thereby pushing property prices up so much that Big Bird is driven from his rent-controlled nest.
However, the ripple-out effect of surging prices in other already-expensive parts of London, plus factors such as "the Olympic effect", have pushed property values to record highs in many once-unloved boroughs.
Research by Danny Dorling, Halford Mackinder professor of geography at the University of Oxford, showed that prices have risen rapidly in the city, pushing property even further from the reach of would-be buyers.
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Justyna Jupowicz-Kozak
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