Housing: Ensuring Londoners are not locked out of the capital

An Older House in Carshalton - The Old Rectory in times past

An Older House in Carshalton – The Old Rectory in times past

The London Assembly recently supported a call by Lib Dem member Caroline Pidgeon that the Mayor should now ensure proper research is undertaken into the impact that rapidly growing overseas investment is having on London’s housing market.  Her motion calling for the Mayor to ensure detailed research is undertaken received unanimous support.
 
Overseas investment in London housing doubled between 2009 and 2011 and in central London 60% of new homes are being purchased by overseas investors.  Concerns about its impact on house prices, rent levels and access to housing for London residents has become of increasing concern to an incredibly wide range of London politicians and commentators
 
Highlighting the need for such research Caroline said:
 
“There is a real risk that overseas investment is creating an artificial housing bubble, inflating prices beyond the means of most. It’s vital more Londoners aren’t locked out of the capital, their chances of being able purchase their own homes decreasing year on year as prices are pushed sky high.  We need to understand the effect overseas investment is having on the housing market, especially in terms of price, affordable housing and supply of homes for Londoners.”
 
This week also saw Lib Dem Stephen Knight set out how the Mayor could deliver a substantial investment programme in housing, delivering 55,000 extra affordable homes over the next three years.  His article, written exclusively for Lib Dem Voice website, can be seen here.

Leave a Reply

Your email address will not be published. Required fields are marked *