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Alla Koblyakova

Senior Lecturer

School of Architecture Design and the Built Environment

Staff Group(s)
Property Management and Development


Dr Alla Koblyakova is the Course Leader for Property Finance and Investment in the School of Architecture, Design and the Built Environment at Nottingham Trent University. Alla designs and delivers modules for both undergraduate and postgraduate levels. She supervises PhD students in the field of Real Estate Finance and Economics, covering areas of behavioural finance, housing finance, econometrics, economic modelling, real estate investment, financial regulation, securitisation and asset pricing modelling.

Alla also works for the Centre of the Built Environment. She is an expert in UK mortgages, also leading her own internationally recognised policy  related research. Currently Alla works with the All-Party Parliamentary Group on “Mortgage Prisoners” and Fair Banking Issues focusing on efficiency of the mortgage price setting in the UK. Alla also collaborates with the Central Statistical Bureau, State of Israel, emphasizing on mortgage affordability gap questions.

Career overview

Prior to joining NTU, Alla worked in the Business School at the University of Aberdeen. From her academic and financial industry background, she developed a wide range of research interests including fairness of mortgage pricing, efficiency of mortgage/housing policy, securitisation, liquidity of capital markets, microfinance, financial economics, econometrics and empirical modelling fields. While working in the financial industry she led the introduction of a new methodology for obligatory papers appraisal, applied by a number of major industry players from EACU members.

Her research is grounded in financial economics but also involves techniques and perspectives from several disciplines including empirical modelling, statistics, micro and macroeconomics, and housing/mortgage policy analysis.


  • PhD In Real Estate
  • MBA in Business and Real Estate
  • MSc in Management and Finance
  • MSc in Civil Engineering
  • BSc in Economics

Current and recent PhD Students

Muftah Malek: Housing and Mortgage Affordability in the Middle-East Countries. Lead Supervisor

Jenhatakarnkij  Kittitah: The Determinants of Condominium House Prices in Bangkok. Lead Supervisor

Liming Yao: House price appreciation and housing policy: a study of housing affordability and tenure choice in China. Co-Supervisor

Justine Wang: House Price Dynamics and Property Bubble Analysis in Australia and China.  Co- Supervisor

Research areas

Alla’s research interests include microeconomics, financial economics, households’ finance, econometric modelling and mortgage/housing policy analysis. Her research contributes to the deeper understanding of reasons behind the short termism in the UK’s mortgage market, also providing empirically grounded evidence of lending incentives towards the variable rate mortgage debt. In addition, Alla’s pioneering research has provided empirical evidence of the regionally asymmetric distribution of mortgage risks and accessibility to mortgage funds within the UK’s mortgage market. Her research also empirically detected regional inequality in mortgage costs and lending conditions for first time buyers and low to middle income groups.

Taking international perspective, Alla’s works address mass appraisal issues, suggesting innovative valuation modelling technique applicable to the Arab housing sector in Israel. Further, her research contributes to the understanding of the issues associated with the Australian housing market, also exploring the differences in mortgage demand and liquidity constraints when comparing the UK’s, Australian and Japanese mortgage markets.

Alla’s current research projects include “Mortgage Prisoners” project (APPG on Mortgage Prisoners), No Negative Equity Guarantee mortgages (UK), Affordability Index and  Cash Gap Matrix (UK and Israel),  Households debt at the local authority level (UK, Australia, Canada).

External activity

Alla reviews articles for the Land Use Policy, Environment and Planning A, Housing Policy Debate, Statistical Journal of the IAOS, the Journal of Risk and Financial Management, the International Journal of Financial Studies, International Journal of Housing Markets and Analysis, Journal of Housing  and the Built Environment.

Alla is also an honoured research associate at the University of Aberdeen, also being an adjunct PhD Supervisor at the Macquarie University, Sydney, Australia.

Consultancy Projects

Retail Mortgages in the UK: Lending Strategies and Borrowers Issues, January 2021.

Client ME Groups Holdings Ltd.


Koblyakova, A., Fleishman, L. and Furman, O. (2021) Accuracy of Households’ Dwelling Valuations, Housing Demand and Mortgage Decisions: Israeli Case, The Journal of Real Estate Finance and Economics, DOI 10.1007/s11146-021-09823-7.

Fleishman, L., Gubman, Y. and Koblyakova, A. (2020) Valuation Modelling within Thin Housing Markets Case Study: Arab Housing Market in Israel, Journal of Housing Research, 29-1, p. 34-53.

Naoi, M., Tiwari, P., Moriizumu, Y., Yukutake, N., Hutchison, N., Koblyakova, A., Rao, J.  (2019) “Household Mortgage Demand: A study of the UK, Australia and Japan”, International Journal of Housing Markets and Analysis, 12:1, 110-130.

Wang, J., Koblyakova, A., Tiwari, P. and Croucher, J. (2018) Is the Australian Market in a Bubble? International Journal of Housing Markets and Analysis, 13-1.

Koblyakova, A. and White, M. (2017) “Supply Driven Mortgage Choice”, Urban Studies, 54:5, 1194 - 1210.

Koblyakova, A., Hutchison, N. and Tiwari, P. (2014) “Regional Differences in Mortgage Demand and Mortgage Instrument Choice in the UK”, Regional Studies, 48:9, 1499-1513.

Recent Conference Papers:

Koblyakova, A., Hutchison, N. and Tiwari, P. Differences  in Affordability Rates in the UK. In  AREUEA AsRes Conference, 4-7August 2022, Tokyo, Japan.

Fleishman, L., Sayag, D., Koblyakova, A. How Much Unaffordable Housing Can I Afford? In ENHR  Conference, 31 Aug.-2 Sep., 2022, Barcelona, Spain.

Koblyakova, A.  Efficiency of the HTB and Housing Affordability  in the UK.  In In ENHR  Conference, 31 August-2 September, 2022, Barcelona, Spain.

Fleishman, L., Sayag, D., Koblyakova, A.  Cash Affordability Gap.  In Israeli Economic Association Annual Conference, 16 June, 2022, Tel Aviv, Israel.

Koblyakova, A., White, M. Mapping Mortgage Affordability Rates  in the UK. In AREUEA Conference,  24-26 June, 2019, Milan, Italy.

Fleishman, L., Koblyakova, A., Furman, O. Self-Reporting Dwelling Valuation and its effect on House Price Dynamics - Israeli Case.  In AREUEA Conference,  24-26 June, 2019, Milan, Italy.

Koblyakova, A., Eccles, T. Subjective motives in households housing finance decisions in the UK. In ENHR Conference, 27-30 August, 2019, Athens, Greece.

Koblyakova, A.  Regional Differences in Lending Conditions in the UK. In AREUEA Conference,  12-15 June, 2018, Guangzhou, China.

Koblyakova, A., Can Securitisation Rebalance Mortgage Market?  In ENHR Annual Conference, 27-29 June, 2018, Uppsala, Sweden.

Press coverage

Individual articles:

East Midlands applicants most likely to be denied a mortgage:

  • Mortgage Introducer, 7 September 2017
  • What Mortgage, 7 September 2017
  • Mortgage Finance Gazette
  • BBC East Midlands Today, 8 September 2017
  • BBC Radio Nottingham, 8 September 2017
  • BBC Radio Leicester, 11 September 2017
  • The Sun, 7 September 2017
  • BBC Breakfast (East Midlands), 8 September 2017

Variable mortgages make UK market more volatile, study shows:

'New-build homes aren't the answer to rising house prices':

'Are you paying over the odds for your mortgage?':

'Securitisation can be good for borrowers':

'North-South Divide Shows Risks posed by Rate Rise':

See all of Alla Koblyakova's publications...

Press expertise

  • Mortgage Pricing
  • Households financial choices
  • Housing  Finance questions
  • Affordability Issues
  • Households indebtedness
  • Housing policy
  • Financial regulation
  • Macroeconomic stability
  • Monetary policy changes
  • Efficiency of the banking system
  • Securitisation
  • Residential Investment