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London rents fall sharply as monthly bill drops across UK

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more new builds coming onto market

some europeans leaving due to decline in pound

many locals who left london to go back (north, west country, wales, scotland etc...) couldn't sell t heir massively overpriced london homes so put it up for rent

many new student flats completed in london so foreign students no longer going for the slumlord student accomodation. 

freezing / reductions in benefits may be adding to the effect.

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16 hours ago, darkmarket said:

Any numbers on this yet?

In london I know of 4 families that have left. 1-2 more are about to leave in the next few months and a few others are pondering their options, looking at jobs in Ireland, Germany etc... About 20% of the european families that we are familiar with have left / planning to leave. Of course these are families occupying entire flats/houses/maisonnetes... not crammed into HMOs. Conversely I didn't note any "single" workers from Europe planning on Leaving, I guess the hit in the pound affects those with families more than those without (just anecdotally).

Edited by hayder

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17 hours ago, hayder said:

In london I know of 4 families that have left. 1-2 more are about to leave in the next few months and a few others are pondering their options, looking at jobs in Ireland, Germany etc... About 20% of the european families that we are familiar with have left / planning to leave. Of course these are families occupying entire flats/houses/maisonnetes... not crammed into HMOs. Conversely I didn't note any "single" workers from Europe planning on Leaving, I guess the hit in the pound affects those with families more than those without (just anecdotally).

When my polush riend arrived in yhe uk the £ was almost 2€.

Now the £ is almost 1€.

Forget the BS about not feeling welcome. The value of the £ is driving those that came work in the UK.

Removal of benefits will see a vast number of EE go back.

The majoirty of EUers whove arrived in the uk in the last 10 years are here due to tax credits non contrib benefits.

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17 minutes ago, spyguy said:

When my polush riend arrived in yhe uk the £ was almost 2€.

Now the £ is almost 1€.

Forget the BS about not feeling welcome. The value of the £ is driving those that came work in the UK.

Removal of benefits will see a vast number of EE go back.

The majoirty of EUers whove arrived in the uk in the last 10 years are here due to tax credits non contrib benefits.

They will find replacements... taxpayers leaving is a minor glitch in the illusion of prosperty :ph34r:

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Some interesting points (from both sides of the fence)

 

http://recruitingtimes.org/news/18942/brexit-proves-recruitment-nightmare-smes-like-tap-turned-off-job-applications/

For example, tech industry hiring abroad instead:

Quote

“The simple truth is if I can’t hire here I’ll do it abroad at our Asian office which is about to move from Singapore to Hong Kong,” he says. “I think I’m going to have to mitigate risk by focussing on growing staff numbers abroad and I imagine I’m not the only SME thinking that way. It’s tough but I’ve offered jobs recently to EU citizens who’ve turned me down because they’ve found employment elsewhere in the EU. I need the best people so I can’t allow that to carry on.”

On the plus side, wages rising for some seasonal jobs to attract staff

Quote

“After Brexit, it was like someone turned off the tap on job applications, they were down by more than a half,” she says.

“We spoke to our recruitment agent and he says it’s the same for all British companies. The East European people he specialised in placing in jobs feel less welcome in the UK now and, since the devaluation of the pound, they’d far rather be earning euros in a country they know they can settle down in if they choose.”

She says she has had to implement an 8% wage increase to encourage current staff to remain in their roles and as a drawcard for hiring seasonal workers for the summer.

 

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1 hour ago, Trampa501 said:

Some interesting points (from both sides of the fence)

 

http://recruitingtimes.org/news/18942/brexit-proves-recruitment-nightmare-smes-like-tap-turned-off-job-applications/

For example, tech industry hiring abroad instead:

On the plus side, wages rising for some seasonal jobs to attract staff

 

There are lies, damned lies, statistics and stuff recruitment agencies says.

(Declaration: I voted remain)

By Tech i guess they mean software; there's limited hardware development anywhere West of HK.

There are few SW anywhere - UK, EU, Asia.

Id say, proportional to demand, there are less SW bodies in HK/PRD than there are in the West.

SW bodies in HK/PRD cost a lot more than UK/EU. And the cost is rising v. fast. And the compeition is horrendous.

Anybody who says 'Oh, we'll recruit (SW) people in Asia' is smoking crack.

UK v. EU is a bit more complex. There are good SW people in EU esp. EE. But there are really not that many.

Most will be looking at working in the UK or US (preferred) to a) Improve their English  b ) improve their skills.

Typical most look towards 3-5 years working an English speaking country.

I did say to an Estonain 'Why not work in Sweden?' His reply: Ill end up talking like that Muppet chef and the taxes are too high.

 

 

 

 

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thing is, Europeans aren't the only ones that are leaving. I know of 2 English families that have found new jobs in Europe (Ireland and Germany once again) and are leaving by end of school year... We're not talking an exodus of people as such... but the past trickle of new people to London seems to be reversing... and especially families seem to be overtly hurt by the exchange rate changes. London's always had people coming and going... for the first time in a very long time it feels like the numbers leaving outweigh the numbers coming... and the incoming seem to be less families and more single people (I presume hmo living).

Looking at "relative salaries" a 60k euro job in Ireland or Germany actually gives far more disposable income for people... and these aren't "difficult to get" jobs at all. Meanwhile even a "high end" london job of a headline 80k pounds gives a miserly quality of life (if you have to rent or pay mortgage on an entire house / apartment) and is certainly not an easy job to get. 

Jobs outside london simply pay too little... what 30k pounds? whilst still having housing cost more than Berlin or Munich? Auf wiedersehen pet.

Edited by hayder

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7 minutes ago, hayder said:

thing is, Europeans aren't the only ones that are leaving. I know of 2-3 English families that have found new jobs in Europe (Ireland and Germany once again) and are leaving by end of school year... We're not talking an exodus of people as such... but the past trickle of new people to London seems to be reversing... and especially families seem to be overtly hurt by the exchange rate changes.

Looking at "relative salaries" a 60k euro job in Ireland or Germany actually gives far more disposable income for people... and these aren't "difficult to get" jobs at all. Meanwhile even a "high end" london job of a headline 80k pounds gives a miserly quality of life and is certainly not an easy job to get.

London and UK fills up with EUers, pushing rentals sky high.

UK vites Vrexut due to be overloaded with migrants and reduction in services. Uk tax credit bill goes through roof, paying al those 16h make work schemes to EErs.

UK votes Out. EUers have to leave.

Would it not have been easier and less costly to have not allowed EUers to vkaim benefits from the start? Just like EU laws alliws us.

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Just now, spyguy said:

London and UK fills up with EUers, pushing rentals sky high.

UK vites Vrexut due to be overloaded with migrants and reduction in services. Uk tax credit bill goes through roof, paying al those 16h make work schemes to EErs.

UK votes Out. EUers have to leave.

Would it not have been easier and less costly to have not allowed EUers to vkaim benefits from the start? Just like EU laws alliws us.

well, the UK's idiotic (and frankly lazily organised) benefit system is partly to blame... an overt reliance on "easy money" through rentierism meant that people loved having more migrants in buoying up their "asset prices". Brexit could have been averted had the UK had an insurance based benefit system... 

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2 hours ago, hayder said:

well, the UK's idiotic (and frankly lazily organised) benefit system is partly to blame... an overt reliance on "easy money" through rentierism meant that people loved having more migrants in buoying up their "asset prices". Brexit could have been averted had the UK had an insurance based benefit system... 

Ever seen the benefits system in Austria? Makes ours look Victorian.

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8 minutes ago, Lovely Rum said:

i know of more british born people than eu nationals that have left post brexit vote

Where do you live?......take the money and run?;)

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5 hours ago, winkie said:

Where do you live?......take the money and run?;)

well, i've considered selling my overpriced victorian terrace in east london and closing my small business and running off to south america but i'll wait to see how the election plays out

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