Foreign Investment in London's Housing Market
This Assembly notes the findings of the Smith Institute’s recent assessment of London’s private housing market and the impact of growing overseas investment, which more than doubled between 2009 and 2011 to reach an estimated £5.3bn a year.
This Assembly further notes the Mayor’s recent acknowledgment that firm evidence on the effects of overseas investment is very limited.
This Assembly recognises that accommodating London’s growing population will be one of the city’s greatest challenges over the coming years and believes that understanding the level and nature of overseas investment will be crucial when formulating future housing policy – not least to avoid reducing the availability of homes for local people to buy and rent.
This Assembly therefore calls on the Mayor to undertake research into the effects of overseas investment on the price, affordability and supply of homes across London. The Assembly also calls on the Mayor to examine the extent to which properties owned by foreign investors are kept empty or unused.