Green Assembly Member Darren Johnson accuses Mayor Boris Johnson of “trying to have it both ways” and calls his pledge “effectively meaningless” as MIPIM approaches.
London MIPIM 2012 in London stand cafe, photography courtesy of EG Focus.
Darren Johnson AM has criticised the Mayor of London for his approach to wooing investors at MIPIM, the world’s biggest property fair, which begins tomorrow. The Mayor is leading the London delegation. His press release says that he is encouraging developers to market new homes to Londoners ahead of, or at the same time, as they market them abroad.
Darren commented, “The Mayor can’t have it both ways. He is encouraging investors to speculate on London’s land and homes, driving up prices. He isn’t even ensuring they are marketed here first. If luxury flats go for sale in London and Hong Kong on the same day, it’s going to make very little difference to the average Londoner.
“These are often ‘off plan’, targeted at rich investors who have the cash in hand and are able to speculate on expensive flats that will be completed in two years’ time. It’s pretty much impossible for your average Londoner to get a mortgage for something that far away, and once they see the prices they won’t even bother trying. As Baroness Valentine has made clear, this pledge will make little difference and so is effectively meaningless.”