London mayor Sadiq Khan plans to launch an inquiry into foreign property ownership in London amid rising house prices and growing fears over a potential “surge” in money flowing in from overseas, according to the Guardian report.

“It’s clear we need to better understand the different roles that overseas money plays in London’s housing market, the scale of what’s going on, and what action we can take to support development and help Londoners find a home,”

“That’s why we are commissioning the most thorough research on this matter ever undertaken in Britain – the biggest look of its kind at this issue – so we can figure out exactly what can be done.”

The Guardian said Khan’s inquiry would focus on the scale and impact of different types of overseas investment in London and consider how other major cities around the world are tackling the problem.

“We welcome investment from around the world in building new homes, including those for first-time buyers. At the same time, as more and more Londoners struggle to get on the property ladder, there are real concerns about the prospect of a surge in the number of homes being bought by overseas investors.”

“We urgently need more transparency around overseas money invested in London property.”

“Londoners need reassuring that dirty money isn’t flooding into our property market, and ministers must now make all property ownership in London transparent so we can see exactly who owns what.”

Source:The Guardian