Foreign investors are buying up thousands of homes
suitable for first-time buyers in London, using them as buy-to-let investments
and often holding them in offshore tax havens, research for the London mayor,
Sadiq Khan, has revealed. Led by investors from Hong Kong and Singapore,
foreign buyers snapped up 3,600 of London’s 28,000 newly built homes between
2014 and 2016, according to the most comprehensive survey yet of international
investment in London housing. About half of those were priced for first-time
buyers between £200,000 and £500,000. The average cost of a home in the capital
bought by a first-time buyer is now £405,000, almost double the national
average. Read more on the Guardian website.
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