Wednesday 15 August 2018

Think tank calls for restrictions on wealthy foreigners buying London property

Rich foreigners should be restricted from buying houses in Britain and purchasing newbuild homes solely as an investment, a leading think-tank has said.

Think tank calls for restrictions on wealthy foreigners buying London property

Locals compalin that some wealthy parts of London have become 'ghost towns' and has affected local businesses as so much property is owned by non-resident foreigners.

March 20, 2014

Wealthy overseas investors are adding to 'rampant house price inflation', driving up prices and forcing millions of middle and low UK earners out of the property market, Civitas has said.

The think-tank has called on ministers to adopt a scheme to stop existing homes being sold to those from outside the EU.

It also proposes foreigners should only be allowed to buy new homes if they prove their investment would lead to more properties being built.

It would therefore stop foreign investors such as Chelsea football club owner Roman Abramovich from adding to his multi-million pound collection of London homes.

Investment from China, Malaysia and Singapore will also be reduced under the plans, it is hoped.

The report, called Finding Shelter, revealed that 85 per cent of London homes in 2012 were bought by foreign investors. Two thirds of those were bought solely as investments and were not lived in.

Savills estate agent found of the £7 billion spent on top-end London properties, just 20 per cent was spent by those living in the UK last year.


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