Progressive tax on overseas residential property purchases in London

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Progressive tax on overseas residential property purchases in London

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London residential property prices, set against average incomes, now exceed levels last seen in Tokyo in the mid 1980. In Tokyo, there followed an economically destructive three decade long contraction.

Other European cities such as Copenhagen ensure the affordability of local housing for local residents by imposing a residents qualification: buyers have to have lived in a country for several years before being about to acquire property.

Clearly a swift change in law would be problematic, along with any swift ban. This should therefore be implemented with progressive taxation, with the lowest (or no tax) falling on long term citizens and residents.

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