The Henley Business School is often identified with cutting edge forecasts - but now it has revealed the history of what might just be this country’s first housing bubble.
A survey looking at land prices and rents in medieval England between 1200 and 1550 reveals that trading in property was a significant business for medieval investors.
‘The First Real Estate Bubble: Land Prices and Rents in Medieval England c.1200-1550’ is the result of three years of research by Professor Adrian Bell, Professor Chris Brooks and Dr Helen Killick at Henley; their work is based on a database featuring nearly 100,000 records of buyers and sellers.
The data suggests that high mortality, increasing geographic and social mobility, and the progressive weakening of feudal ties to land allowed the housing market to open up to new commercial interests through this 350 year period.
There was apparently a so-called ‘barn bubble’ in agricultural prices and there authors says there was evidence of two other speculative bubbles during the period investigated.