The Boston Property Market and The Euro 2016 Football Tournament

With the Referendum on EU membership out of the way, our households can concentrate on something European that doesn’t involve party political broadcasts or politician’s treating us all like children – the Euro 2016 Football Tournament!
Boston is home to all different backgrounds and nationalities so if you’re not lucky enough to be jetting off to France for the UEFA Euro 2016 football tournament, have no fear! For a bit of fun although there is a serious side to this, I have taken a look at which European people live in Boston so I know who to soak up the best atmosphere with!

During my research some interesting numbers appear. Going into the Euro 2016 tournament, France were 3/1 favourite’s, then Germany 7/2, third Spain 11/2, then England 9/1, Italy 16/1, Poland 50/1, Romania and Wales at 100/1, Ireland at 150/1 and Northern Ireland 500/1

 Of the 101,684 residents of the Boston and Skegness Constituency for Westminster, of the Home Nations going into the competition, 88,318 of them are from England, 547 from Wales, 274 from Northern Ireland and 305 from Ireland, although I do feel sorry for the 1,022 Scots who didn’t get into the finals. Now interestingly, looking at the Mainland Europeans residents in the Boston and Skegness Constituency, it might not surprise you that they make up 8.75% of the population as a whole in the Westminster area.

 However, even more fascinating, of those 8.75% European’s residents, 1.25% are from Western Europe because EU residents from Eastern Europe – i.e. the Accession Countries to the EU between 2003 to 2007 (Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Slovakia, Slovenia, Bulgaria and Romania) – make up 7.5% of the population of the Boston and Skegness Constituency.

Broken down into the relevant football teams, there are in the Boston and Skegness Constituency …

37 French people
414 Germans
61 Italians
42 Spanish
3,471 Poles
113 Romanians

… I feel sorry for the French and Spanish football supporters in Boston!

But what does this have to do with the Boston property market? Quite a lot in fact. Many of these European people were economic migrants, especially those from Eastern Europe. A lot of people’s concerns over migration are exaggerated as this EU migration has acted to fill gaps in skills and labour supply during growth periods of the mid 2000’s and subsequently over the last five years in Boston. There is no preferential treatment for council housing in Boston, so EU migrants have in fact increased demand for privately rented accommodation in Boston.

This has meant, as demand for housing in Boston has remained strong, Boston landlords have continued to buy properties to rent out to keep up with this demand. Therefore, the value of every homeowner’s property in Boston has been kept high because of the demand from these Boston landlords buying starter homes to rent out, releasing existing homeowners to go up the property ladder – benefiting everyone in the chain.

However, rents have remained relatively subdued, in Boston rents are only 15.0% higher than they were in 2005, not bad when you consider we have had 38.52% inflation in the UK economy as a whole over the same 11 years.

EU migration has meant existing homeowners, landlords and the economy as a whole in Boston (and the UK) have benefitted from better economic conditions, property prices not slumping whilst rents have been kept in check by wage inflation. Now I wonder who will win the footy? Back to the TV!

For more thoughts on the Boston property market like this – visit the Boston Property Blog

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