Dr Yusupova's research found that neither demand-side factors such as household income, mortgage rates and credit availability, or the supply of new houses, could explain the price rises during some of that period. Instead, according to the UK Housing Observatory, which is running the research project of which this study is a part, there seems to have been a succession of speculative ‘house price exuberance’ bubbles rippling out from London.

Read the full article on the Business Insider website.  The Financial Times also highlighted this research in relation to the impact of the housing price bubble on birth rates.