I can see why he makes the point about globalisation - much of the time when there's a story about some house worth millions being sold in record time, it seems to be someone originally from abroad who bought it.
But as for the example of the Polish nanny sending her money home, less likely. Most of the East European workers I've spoken to (mostly in an advice work capacity) are spending their money in the UK enjoying life here.
I do wonder if a property-market "correction" in the low to mid range may happen though, as foreign zillionaires - who would continue to prop up the top end of the market by the logic cited - aren't really interested in the average 3-bed semi.
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Globalisation
Date: 2007-04-30 01:49 pm (UTC)But as for the example of the Polish nanny sending her money home, less likely. Most of the East European workers I've spoken to (mostly in an advice work capacity) are spending their money in the UK enjoying life here.
I do wonder if a property-market "correction" in the low to mid range may happen though, as foreign zillionaires - who would continue to prop up the top end of the market by the logic cited - aren't really interested in the average 3-bed semi.