Two thirds of new homes in London are sold to investors, Green Assembly Member Darren Johnson calls for the Mayor to promote policies like land value taxation to reduce demand instead of encouraging it.
Photograph courtesy of David Holt.
In spite of the Mayor of London stating he wants to see homes in London marketed to Londoners before they are marketed to wealthy investors overseas, his own international promotion agency plans to set-up a club for ‘high net worth individuals’ from China, to encourage them to buy ‘luxury property’ in London. Two staff will work to entice rich individuals, with wealth exceeding £10m, to spend their money in London.
Darren Johnson AM commented,
“The Mayor is trying to have it both ways, saying in public that he will put Londoners first while he works hard behind the scenes to encourage overseas investors. The Mayor should be drumming up investment into productive businesses, leaving homes to be bought by the people who actually want to live in them.
“Two thirds of new homes in London are sold to investors. It doesn’t matter whether they are from China or Kent, they are all driving up prices. Instead of encouraging this, the Mayor should promote policies like land value taxation to reduce demand.”