The London Assembly has called for a radical rethink of housing policy after research has revealed that two thirds of London homes are being bought by investors
The study uncovered that a third of new homes across Greater London are being bought up by foreign investors, and a further third of homes are snapped up by investor landlords from the UK.
This investment is pushing low income Londoners out, the report has said.
London Assembly member Darren Johnson commented: ‘Nobody walks past a block of luxury flats bought up by foreign investors and feels comforted that housing supply is on the up. The Mayor is championing investors over residents, leaving them to make do with crumbs from the feast. He needs to radically rethink his approach.
‘We want people to invest in viable British businesses, not in luxury flats with little or no social housing. The Mayor should champion social housing, stabilising rent controls and controls on investors to tip the scales in favour of residents.’