Immigration must do a bit. Most immigrants come to save money and send it home. I think they impact the rental market more. As we have almost as many Brits working in Europe then I suppose same applies to places abroad. Look at all the retired people who have bought in SpainI agree that the increasing the money supply worsens the situation but it's also a supply and demand issue. The increase in immigration fuels the demand and the supply is fueled by the money.