London mayor Sadiq Khan has announced an inquiry into foreign ownership of homes in the capital amid gentrification and spiralling rents.
Khan says he would carry out the “most thorough research on the matter ever taken” and said there were “real concerns” over the increase in homes being bought by foreign investors.
He emphasised the need to better understand the role overseas money plays on the housing market and what action can be taken to help Londoners get on the housing ladder.
From April: Overseas ownership disclosures: what you need to know
From April: Briefing: UK’s overseas ownership revealed
Khan’s inquiry will focus on who is investing and where the money originates from. It will also look at the sale and impact of different types of overseas investment in London and how the money has affected the housing market on all areas of the spectrum, from luxury homes to low-cost properties.
The research will also take in how other countries are tackling the issue.
He said the need for transparency was “urgent” and Londoners needed to be reassured that “dirty money” wasn’t flooding the property market.
