Foreign Investors Buying Up Flats In Suburbs

Wealthy foreign property investors are turning their attention from central London to cheaper suburban locations to avoid paying heavy stamp duty bills, an investigation has found. The trend, which follows a series of swingeing stamp duty hikes on expensive properties since 2012, means cash-rich investors are increasingly in competition with first-time buyers in new developments in outer London. It has been accelerated by the slump in the value of the pound that followed the Brexit vote in June, which has made London property around 15 per cent cheaper in dollar terms compared with a year ago. Read more on the Evening Standard website.