SPANISH investors have been ploughing money into London’s booming property market in a bid to protect their savings, according to a study.
Research from the Said Business School, in Oxford in the UK, found a direct correlation between house price rises in certain parts of the UK capital and times of economic hardship in Spain.
London has become known as a safe haven for money, causing a continued and disproportionate rise in house prices compared to the rest of the country.
The study found that areas with relatively low income levels (where there are large concentrations of Spanish immigrants) experienced price bumps following the worst time of uncertainty in Spain over the past two decades.
This means that it isn’t just Spanish millionaires who have been insuring themselves against economic and political uncertainty at home.
According to a recent report in El Mundo, the number of officially registered Spanish residents in the UK jumped from 57,350 at the end of 2009 to 73,659 by the end of 2012, although the real number is estimated to be 150,000.
The highest numbers of Spanish-born residents according to the 2001 census were in Kensington, Regent’s Park and Chelsea all in West London.