Wednesday, 14 June 2017

Foreign Investors Snapping Up London Homes Suitable For First-Time Buyers

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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