Thursday, November 10, 2005

Europeans boosting UK buy-to-let


9th November 2005

"The growing number of immigrants arriving in the UK from the newly-accepted EU states is having a major impact on the country's buy-to-let market, it has been claimed.

According to Richard Everitt of estate agents Winkworth, the influx of people from eastern Europe and even Russia is helping to drive the UK's buy-to-let market despite the fact hat the overall housing sector has been in decline over the past 12 months. Speaking to the Independent, Mr Everitt also highlighted that many of the new arrivals are not – as many feared prior to the accession of the new states – unqualified people hoping to live off the UK's welfare state. Instead, he reveals that many are talented and qualified professionals intent on furthering their careers.

As such, the properties that are being let to many of the new arrivals are at the higher end of the buy to let market, providing a much needed boost for property investors in the UK.

One example of the people taking advantage of their country's accession to the EU can be seen from the increase in the number of Poles arriving in the UK. Poland became part of the EU on May 1st 2004 and since then there has been a steady flow of Polish people arriving in the UK to live and work. They have helped to ensure that the buy to let sector has continued to remain buoyant as the housing market continues to slow."

Judging from personal experience, I am sure this is true.

Chris Bell

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