Submitted on Tuesday 16th February 2016
Published on Wednesday 17th February 2016
Current status: Closed
Closed: Wednesday 17th August 2016
Signatures: 46
Tagged with
Economy ~ housing crisis ~ Money ~ Tax
Introduce a Singapore style additional stamp duty for overseas buyers in London.
London's painful housing crisis is being exacerbated by Foreign Investors using the city's property market as a shelter for
dirty money.
The government of Singapore responded to similar speculation by introducing an additional 15% tax on foreign purchasers in the city state.
Research by Knight Frank shows in Prime Central London 49% of sales go to overseas buyers, while in inner London the figure is 20%.
'Buy-to-Leave' investment has irreversibly changed many of London's most famous neighborhoods, with whole streets of 'ghost houses'.
The weakness of the global economy and instability in traditional investments if making the problem worse; as the global wealthy look for a safe parking place for their money.
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