New demand for London rental property from Italy
- 7th December 2011
- Renting Property News
Job-hunting young professionals fleeing the Eurozone crisis rush to London in search of work.
The fresh demand from Italy and Spain made November a much busier month for the London rental market than is normally the case.
Demand from Italy increased 25% in November compared with the same month last year, while demand from Spain jumped 17% in the same period.
Tenants outside of the UK may not be familiar with London’s busy rental market.
Says Stephen Ludlow, Chairman of ludlowthompson: “London’s letting market tends to quieten down in November and December because most tenants prefer not to move so close to Christmas.
"However, this November saw a fresh wave of new activity. One driver behind this has been increased demand from overseas tenants.
“Because of this, the competition to secure a London rental property will be very high as we enter the New Year.”
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, chairman of ludlowthompson, says: “The Eurozone crisis has led to a fresh wave of demand from fragile Eurozone economies, particularly Italy and Spain, as young professionals, who have been hardest hit by job losses, 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.”
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.
The Eurozone crisis has led to a fresh wave of demand from fragile Eurozone economies.
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