London’s Mayor Sadiq Khan Has Launched an Inquiry Into Foreign Property Ownership

Sadiq Khan, the Mayor of London, has launched an unprecedented investigation into the impact of foreign property ownership in the capital.

Speaking to the Guardian, Khan voiced his concerns about the surge in the number of homes being bought by overseas investors and said he wanted to look into the impact it has on London’s housing market.

“It’s clear we need to better understand… the scale of what’s going on, and what action we can take to support development and help Londoners find a home,” he said. “That’s why we are commissioning the most thorough research on this matter ever undertaken in Britain – the biggest look of its kind at this issue – so we can figure out exactly what can be done.”

“Londoners need reassuring that dirty money isn’t flooding into our property market, and ministers must now make all property ownership in London transparent so we can see exactly who owns what,” he added.

According to official data, London property prices rose more than 12% in the 12 months leading up to July 2016, after notching up annual gains of around 20% in mid-2014, Reuters reports.

Real estate firm Savills estimated in 2014 that overseas purchases of property in London for investment purposes – rather than foreign residents buying a home in which to live – accounted for around 7% of all residential transactions in London.

[Guardian]