Yes, London house prices would likely be lower. But we'd also be poorer on average, since immigrants are a net benefit to the economy. Moreover the combination of a starkly aging population with higher costs of labour would cause a real strain on the public purse, like Japan is seeing. On balance I much prefer the current situation. Though I guess I would say that, having an immigrant parent.

Net benefit to the economy does not mean net benefit to everyone individually.

That's one reason that made people at the lower end of the payscale vote for Brexit: Immigration keeps wages low.

We're also seeing it since Covid: immigration keeps the GDP (barely) growing while the GDP per capita is decreasing.

The cost is wholesale destruction of local culture, too. London is a city in England but no longer really an English city, for example.

I have an immigrant parent too. Also agree the UK - and Europe generally - would be likely in a state of Japanification without migration.

Still, I think it's valuable to understand the economics at play. Especially in a business context.

I mean, you're already poorer, given that immigration has depressed wages significantly. Post-Brexit, EU immigration was only replaced by non-EU immigration which has a higher tolerance for lower wages and poorer living conditions. Something that I got to see firsthand a couple of weeks back.