European Demand for London Rental Properties Continues Despite Brexit
High levels of European demand for rental properties in London continue to be recorded, despite concerns around the UK’s departure from the EU and the status of European citizens in the country when Brexit finally happens.
The latest figures from rental website Spotahome show that the majority of bookings made for rental properties in London stem from the UK’s European neighbours. The largest number of bookings comes from France, which accounts for 22.2%, followed by Spain, Germany and Italy.
With an estimated 300,000 French citizens currently residing in the UK and the majority of these believed to be based in London, the English capital was recently referred to as France’s “sixth biggest city” by the French president, Emmanuel Macron.
Despite Brexit, the French love affair with London continues. This is demonstrated by the large number of searches and bookings for rental properties in London from the European nation.
Despite strong European demand for British rental properties, the second largest number of bookings made on the site came from the UK – accounting for 11.9% of bookings.
The CEO of Spotahome, Alejandro Artacho, comments: “It is no surprise that the majority of the bookings on the site are from the UK’s European neighbours. London is and always will be a hub that appeals to people from all over the world. It’s great to see that alongside Spotahome being popular with people from overseas, the platform is gaining popularity within the UK, due to it being a far more effective method for finding accommodation.”
Landlords, are you seeing high levels of European demand for your properties? While it is uncertain what will happen to the rights of European citizens when the UK leaves the EU, you can still accept tenants with EU citizenship.
However, please remember that you must check the immigration status of all prospective tenants before letting to them under the Right to Rent scheme. The Home Office has worked with us to create a guide to help you understand the requirements: /home-office-reinforces-landlord-responsibilities-right-rent/