London homes are being purchased by foreign investors. These homes are homes that are susceptible to being purchased by first time home buyers. It presented statistics of the countries that are snagging up these properties, the reasons why and the quantities they are investing in. The article broke down the districts of the homes that were purchased by these foreign investors. It also shows that most of the investors are based in South East Asia. The mayor of London is being pressured to allow homes to be available to Londoners first before any outside investors whom often use these investments as tax havens.
Key Takeaways:
- The buyers on the market for homes in London are not only domestic but foreign too.
- This increase in foreign buyers, has prompted the government to block foreign buyers until Londoners have a chance first.
- Over two thirds of the foreign buyers are from four south-east Asian countries.
“The average cost of a home in the capital bought by a first-time buyer is now £405,000, according to Lloyds bank, almost double the national average.”