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 spiralling housing costs in the capital. In one of the starkest examples of the impact of foreign investment, it found that a quarter of the flats were held by companies in secretive offshore tax havens, and many were unoccupied. Foreign investment has helped drive a fresh property building boom around the UK. Illustration: BLOK ArchitectureKhan’s inquiry will focus on the scale and impact of different types of overseas investment in London. Khan said: “We urgently need more transparency around overseas money invested in London property.

Source: The Guardian September 29, 2016 14:09 UTC