A damning report has revealed that a staggering 25% of new homes (over 200k) sold in Southwark are being purchased abroad.
The report, published by the University of York, sees Southwark as among the areas of London with the highest levels of foreign investment. With investors flocking to areas like Southwark to purchase homes as a safe investment, there is deep concern that thousands of first time buyers are being priced out of the capital.
This adds to the controversy that hit the London Borough of Southwark earlier this year when it emerged that new homes in an apartment complex, built to replace council homes on the former Heygate estate, were all purchased by foreign investors. The ‘Transparency International’ report revealed that all 51 flats at the South Gardens were sold overseas.
Southwark Liberal Democrat Spokesperson for Regeneration and Planning, Councillor Adele Morris, said:
“First time buyers are being priced out of our local community as they are unable to compete with the money that is being poured in by overseas investors. This is an issue that Southwark Liberal Democrats have been raising time and time again and the Labour administration has done little about.”
“We need high-quality, affordable homes for local people not for overseas investors who see homes as a safe investment for their money.”