Londoners losing out: London's luxury property boom is a major concern for Londoners according to the Guardian. A recent report by Global Witness shows that almost one in 10 properties in the City of Westminster (9.3%) and 7.3% of properties in Kensington and Chelsea are owned by investors registered in an offshore secrecy jurisdiction. Dawn Foster writes: "That the London property market is so attractive to tax dodgers, mystery overseas investors and criminal gangs is no accident, but symptomatic of the very root of the problem of housing in the UK."
Source: The Guardian
Longer commute has its gains: London workers looking for homes can save as much as £450,000 on the cost of a property by putting up with an hour's commute, according to a report from Lloyds Bank. The average cost of a home drops from £722,000 in central London to £272,000 in commuter towns an hour away from the capital - like Crawley, Newbury, Colchester and Chatham, Lloyds Bank said. If you are willing to put up with an even longer commute, buyers can save a further £100k. The most affordable commuter town in the study is Wellingborough, in Northamptonshire, where the average property price is £160,425 and the train journey to central London takes around one hour and 20 minutes.
Source: This is Money
PM to act over 'dirty money': David Cameron is expected to react to the influx of foreign investors in London by promising to act against corrupt foreigners who buy up luxury properties in the UK using secretive holding companies to hide their "dirty money". According to the Guardian, the prime minister will use a visit to Singapore to make an anti-corruption speech tomorrow during which he will express concern that some properties, largely in the capital, "are being bought by people overseas through anonymous shell companies, some with plundered or laundered cash".
Source: The Guardian
Brendan Rodgers property beef: Liverpool boss Brendan Rodgers is battling with estranged wife Susan over the carve-up of their property empire - which consists of 102 houses. The huge portfolio owned by the feuding couple emerged in a hearing in the High Court in London earlier this week. According to the Belfast Telegraph the property portfolio, which was built up over two decades, is so large it will cost the Rodgers £32,000 just to have its value independently assessed.
Source: The Belfast Telegraph
Property sales propel stamp duty revenues: property sales in London are generating nearly half of all stamp duty revenue raised in England and Wales, according to data that show the impact of last year's hike in rates for the most valuable homes. Research by estate agents Knight Frank suggested that London accounted for 13 per cent of all property transactions in England and Wales in the first three months of this year, yet contributed 46.9 per cent of total stamp duty revenues.
Source: Financial Times