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London mayor launches unprecedented inquiry into foreign property ownership

September 30, 2016

in London and in Hong Kong : theguardian – excerpt

Exclusive Sadiq Khan tells the Guardian he will carry out ‘the most thorough research on this matter ever undertaken’ amid widespread concern over rising housing costs and gentrification…

London mayor Sadiq Khan is to launch the UK’s most comprehensive inquiry into the impact of foreign investment flooding London’s housing market, amid growing fears about the scale of gentrification and rising housing costs in the capital.

Khan said there are “real concerns” about the surge in the number of homes being bought by overseas investors, adding that the inquiry would map the scale of the problem for the first time.

“It’s clear we need to better understand the different roles that overseas money plays in London’s housing market, the scale of what’s going on, and what action we can take to support development and help Londoners find a home,” Khan told the Guardian.

“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.”… (more)

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