New leases from non-EU countries slipped by 1.5% between March 2018 and March 2019
The number of EU nationals renting in England has declined over the last 13 months, new research reveals.
Proptech firm Goodlord analysed some 150,000 tenancies that had been processed through the platform from March 2018 to March 2019.
According to the results, 18.5% of all tenants in England were EU nationals in 2018. Just 12 months later, this figure fell to 14.9%.
This represents a 20% overall decline in the number of EU nationals living in rental properties in the country.
Since March 2018, every month has seen a decline in the proportion of tenants from the EU signing new leases.
Prior to this, 9 out of the 13 months between March 2017 to March 2018 saw a net gain in the number of EU nationals residing in England as tenants.
October 2018 saw the largest reduction in the country at 8%, which Goodlord notes coincided with the failure between the EU and UK to settle on a Brexit deal.
London in particular saw a significant reduction in EU nationals, from 29.7% in March 2018 to 23.7% in 2019.
By comparison, new leases taken out by tenants from non-EU countries dipped by just 1.5% during the same period, with the number of Chinese new residents declining whilst tenancies from Americans increased.
William Reeve, CEO of Goodlord, said: “This paints a very clear picture of the impact that Brexit is having on the UK property market. This represents a real worry not just for landlords, but to the wider economy. The talent and spending power of Europeans is being taken elsewhere.”
Average rents in the private rented sector grew by 2.0% in the 12 month to April, according to the latest index by HomeLet.