Stop overseas London buyers: MP

By Andrew Batt: A UK member of parliament has called for the introduction of a law to stop foreigners buying London new-build properties

Simon Hughes (pictured), the Liberal Democrat MP for Bermondsey & Old Southwark, yesterday told reporters: “Too many of the homes which are being built are now snapped up by wealthy individuals and companies abroad, often as investment properties.

"The law should be changed so that housing in London can only be bought by people or companies resident or domiciled in the UK, unless it is as a permanent home or they have express permission from the Mayor of London. We must stop this extra upward pressure on London's housing costs as soon as possible."

More than 30 London property developments have been exhibited in Singapore this year to date, with hundreds of units being purchased by local property buyers and investors. In mid-May there were five separate London properties being exhibited over a single weekend.

In 2012 Singaporeans were the leading overseas buyers of central London new-build properties, with buyers from Malaysia and Indonesia ranked in the top ten.

One industry expert has reacted strongly, suggesting the proposal will fall on deaf ears and stands no change of being implemented.

Trevor Abrahmsohn, Managing Director of Glentree Estates, told PrimeResi: “Simon Hughes, have you gone completely crackers? I have never heard such a daft proposal in all my life - since the window tax. Imagine the mayhem with international buyers if such a nationalistic proposal were implemented.”

He added that the one thing that the residential property market does not need is further regulation.

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