The mayor of London, Sadiq Khan, has recently attacked foreign investors for using homes in the capital as “gold bricks for investment”.
The statement comes after an investigation by the Guardian revealed that the UK’s tallest residential skyscraper is now more than 60% foreign-owned and is under-occupied. This seems ludicrous when the demand for housing is higher than it’s ever been, and hard-working Londoners simply can’t get onto the market. Even with an average salary of £28,000, it would take a London couple over ten years to save for a starter home, since the average house price has now exceeded £600,000.
The Guardian’s investigation revealed that homes in The Tower, a 50-storey skyscraper at St George Wharf in Vauxhall, which opened in 2013, had been sold to more than 130 foreign buyers including a Russian billionaire, the former chairman of a defunct Nigerian bank and a Kyrgyz vodka tycoon. None of the 214 flats in the tower are classed as affordable, although it was built as part of a wider development that included 30% low-cost comes.
Addressing the problem
At Inspired Homes, we can see how much of a problem this is.
Ambitious graduates flock to the City as it’s now the main place to launch a successful career, but then they face sky-high rents which ruins their dream of buying. Worryingly, if these talented young Londoners can’t afford to settle, it becomes inevitable that they will move elsewhere.
We’ve done our best to do something about it. We have invested our time and money into the perfect Greater London boroughs, that are between 15 – 30 minutes from Zone 1.
Croydon, Sutton, Epsom, Chertsey and Crawley all offer very different lifestyles, but what they all have in common is excellent transport links and superb amenities.
Our award-winning apartments start at just £199,950.
To book a viewing and to secure your future in London, call the team on 020 8688 6552.