Sadiq Khan has recently announced that he is to analyse the impact foreign investors are having on London’s residential property market.
Over the last decade, property prices have soared in the capital thanks to growing demand which has allowed developers to increase their asking prices for units. Unfortunately, this has had a massively detrimental effect on first time buyers, reducing their ability to get onto London’s property market and even increasing the average first time buyer age to 40 years.
Experts have spent months in an attempt to direct the blame for these price increases and many believe that foreign investors largely at fault. As a recent article in IBT stated, ‘many Londoners lay the blame for high rents and house prices at the door of moneyed speculators from overseas, who exploit the city’s housing shortage’.
It is because of these concerns that the mayor of London is launching a comprehensive inquiry into the impact of overseas investment on the city’s property market.
Furthermore, the government has not yet conducted any studies on the impact of overseas investment, so it will be interesting to discover their findings.
However, whatever the results, the truth remains the same that London is currently experiencing a housing shortage and at Inspired, we are doing our best to alleviate this problem for first time buyers.
That is why our developments in Croydon, Crawley, Epsom, Sutton and Chertsey start at £235,000 and we also have help to buy in place, meaning that a London home could be yours for just a 5% deposit.
Thanks to Inspired Homes, London is now affordable again!
To find out more, please contact the team on 0208 688 6552