Boris Johnson opening trading at the London Stock Exchange. Picture: Stefan Rousseau/PA Wire (Image: PA Wire/Press Association Images)
Mayor of London Boris Johnson must stop overseas developers buying up properties and reducing the availability of homes for the capital’s locals, Assembly Members have warned.
Members called on Mr Johnson to look into the potential impact of foreign investment in London, with concerns raised over properties being left empty or unused.
There was twice as much foreign investment in London properties in 2011 as in 2009.
Caroline Pidgeon, the Assembly Member who proposed the motion, 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”, she added.
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