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European young professionals flock to London

Friday, 26 August 2011 12:19 PM

Young professionals from the so-called “PIIGS” countries are flocking to London to look for work, according to new figures released today.

According to estate agent Ludlow Thompson, nationals from Portugal, Ireland, Italy, Greece and Spain are increasingly looking for work and rental accommodation in the capital because of the crippling states of the economies in their home countries.

Demand for London property from these nations has increased by a fifth over the last year, the firm said, and accounted for 38 per cent of all demand from Europe in July 2011 compared to 32 per cent in July 2010.

The highest demand now comes from Spain, which accounted for 11.1 per cent of all demand from Europe in July 2011, up from 6.5 per cent the year before.

Demand from Greece has also risen sharply from 3.6 per cent last year to 5.3 per cent this year, while Portugal saw a modest increase from 1.8 to two per cent.

Stephen Ludlow, director of Ludlow Thompson, said: “The Sovereign debt crisis in some European economies is hitting younger workers the hardest. Fortunately, they usually have greater personal flexibility to move to a new city in search of jobs. Older people with settled families tend to be less willing to relocate.”

The demand from these countries is pushing up rent in areas with established overseas communities, like 'Little Portugal', which lies between Vauxhall and Stockwell, Ludlow added.

“New-build developments in East London are popular with young EU workers, particularly those looking to work in the City and the technology start-up area known as the ‘Silicon Roundabout’, which is situated around Old Street,” he said.

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