Fresh wave of demand for London rental property as Eurozone contagion spreads
• Italian and Spanish white collar workers replace Greek in migration to London in search of jobs
There has been a fresh wave of demand for London rental properties from European young professional fleeing the Eurozone crisis, says ludlowthompson, London’s lettings agent.
ludlowthompson says November saw a big influx of white collar workers from Italy and Spain looking for work in London, replacing the migration of workers from Greece earlier in the year.
According to ludlowthompson, demand for London rental property from Italy jumped 25% in November, compared to November 2010. Demand also increased by 4% month-on-month, despite the rental market normally getting quieter as Christmas approaches.
Demand also increased from Spain, with 17% more demand than November 2010.
Stephen Ludlow, Director of ludlowthompson, comments: “November has seen a fresh wave of demand from Italy as young professionals, who have been hardest hit by the Eurozone crisis and its impact on jobs, move to London in search of work.”
“When the Irish economy collapsed, there was a sudden increase in Irish young professionals hunting for London properties. That was followed by a wave of migration from Greece this summer and now we’re seeing the same thing from Italy.”
“The London rental market is being flooded with young overseas professional from the banking and professional services sectors who are hunting for jobs. Unlike older workers, these young professionals have the flexibility to relocate because they are less likely to have settled families.”
Italy has recently seen a change of Government to tackle its soaring borrowing costs, while Spain is predicted to slip back in recession in 2012 as the Eurozone crisis continues to spread.
Stephen Ludlow points out that London’s strong jobs market is a key factor behind the popularity of the city for buy-to-let investors.
He comments: “London attracts job hunters from other parts of the UK, Europe and even further afield, meaning there is always a steady stream of new tenants. High demand from these tenants has pushed rents up across London because not enough new properties are being built, making buy-to-let in London a very attractive investment.”
Ludlowthompson says that the fresh demand from Italy and Spain made November a much busier month for the London rental market than is normally the case.
Says Stephen Ludlow: “The letting market tends to quieten down in November and December because most tenants tend not to move so close to Christmas. This year November was much busier than normal and one of the main reasons for that is increased interest in London rental properties from Italian and Spanish young professionals.”
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