|
When you look at the typical rent in the UK, it can be higher than the average rent of a flat in Spain by 75%. The Italians win the award for having the most expensive rent, with France following as a close second. When you look at it from a professional perspective, flat sharing prices can be based on the strength of the Pound as opposed to the often weaker Euro affecting the exchange rate. Buyers are increasing the demand for rental properties and pushing up rates accordingly. Thankfully, most banks (as well as building societies) have been more than willing to lend accordingly to European clients. The European Mortgage Federation has published a report that indicates that France's total residential mortgage lending rate has increased to almost 30% (this is indicative of the final quarter of 2009). Spain and Italy barely increased their rates by 5%. In direct contrast of the increased lending rates, the UK rate is down by over 20% in the exact same period of time! If you are a first time buyer, searching for a private house sale in the UK, then it is an almost impossible mission to secure a decent mortgage. This is because the banks in the UK outright refuse to loan a single penny whilst they reorganise their balance sheets. Thanks to an overly conservative culture of spending, the Spanish banking systems have managed to follow the global economic crisis to a great degree of success. Over the course of a decade, the banks in Spain have secured large capital provisions, demanding securities from their proposed borrowers. The resulting effect of this is that there are not that many first time private house sale clients securing homes in Spain. Flat sharing Spaniards do not have to suffer under the yoke of extra demand rocketing up their rent. Other factors that keep the rent down include superior access with regard to mortgage finance, and the continued decline of real estate prices. Inside each European country itself, there is also a city that has the most expensive rent. Milan is on top of that list, with the monthly average rent often over £600. This is followed by London and then Rome. The least expensive are again, the Spanish cities such as Seville and Valencia. This paints a grim picture for the prospective student or business executive from a European country other than the UK who is searching for a flat in London. Yes, the prices are excessive and yes, the exchange rate does not fare well for those looking to place down roots on UK soil â€" but on the flipside of the coin, native citizens of the UK can benefit from low rent and a strong pound. Spend a little money on estate agent fees and let an expert find the best flat for your European currency.
David Aaronson creates articles about private house sale and estate agent fees.
|
