Economics
EU Banker Exodus Hits London Property, BOE's McCafferty Says
- Europeans leaving capital are pushing down house prices, rent
- Capital seeing ‘significant change’ due to Brexit vote
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An outflow of European bankers from London is damping prices and rents in the capital’s housing market, Bank of England policy maker Ian McCafferty said on Tuesday.
“We have seen an exodus of people -- such that certain properties in London are now finding it harder and the prices in London are now reacting,” McCafferty, who is due to leave the BOE this month, said in response to listener questions on LBC Radio. “We’re getting stories that the number of French and German and other European bankers that are coming to London has fallen quite sharply over the course of the last couple of years.”