London Mayor crackdown on Property sales to foreigners

Sadiq Khan to stop London becoming the world’s capital of money laundering

London’s mayor said he would impose new rules aimed at limiting the sale of homes to foreign investors who then leave the properties empty.

He insisted he would “absolutely” bring in a regime where dwellings would have to be marketed in the capital for the first six months in order to receive permission to be built.

Asked on ITV’s Peston On Sunday if he would impose such rules, Mr Khan said: “Absolutely. We shouldn’t be embarrassed about saying first dibs to Londoners, we shouldn’t be embarrassed of saying we need to build homes for Londoners.

“We shouldn’t be embarrassed of saying our homes are homes, not gold bricks for investment for investors in the Middle East and Asia.”

Pressed if he intended to target the oligarch property boom, Mr Khan said: “Well, I’ve got nothing against luxury properties being built in London. What we can’t have is London being the world’s capital for money laundering.”

Written by: Houseladder