"The takeover of large housing development sites by overseas buyers tells only part of the story. Flats in other large developments being built by UK-based companies, such as those we are seeing in Barnet, are marketed overseas to foreign investors, too.
"Mayor Boris Johnson’s only response has been his voluntary and unenforceable 'concordat' with developers, who agree to market in London at the same time as they offer properties for sale overseas. But this is no answer, as far too many of these prospective new flats are sold 'off plan', which discriminates dramatically against Londoners in need of a home.
"A far-eastern investor is happy to put up the cash for properties that might not be completed for a couple of years, in the confident expectation that the investment will deliver huge and secure dividends, given London house-price inflation. Most Londoners cannot afford to pay for two properties at once – having to pay for somewhere to live now while also having to put up the cash payments for an off-plan home that will not be available to occupy for years.
"We must restrict these discriminatory off-plan sales and give priority to local first-time buyers over overseas investors, who are fuelling property price inflation to the detriment of the many thousands of Londoners in desperate housing need."
Andrew Dismore
Labour parliamentary candidate for Hendon,
and Labour London assembly member for Barnet and Camden
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