London mayor Boris Johnson has appealed to developers to start selling homes in new buildings to those who are from the UK before selling to overseas investors. London sees more foreign investors than any other European city in both residential and commercial terms, but Mr Johnson wants to see better access to properties for those who are in the UK and are going to make use of new stock rather than leaving it empty.
These two issues are among the many that Londoners are looking to see addressed in the Budget announcement, according to a survey carried out by Nutmeg. The firm’s respondents outlined that two of the changes they would like to see the chancellor action in the property sector include taxing foreign investors more to help boost the economy through property sales, as well as a new tax for empty homes that would incentivise people to use the properties they have purchased.
At the annual MIPIM property conference in Cannes, France, Mr Johnson also added that he wants to see building work in the capital doubled over the next few years. He said that he wants to see developers and institutional developers around the capital help him achieve this goal …read more
Source: IPIN Live