"Ten investors own sites for 30,000 homes, data shows, with interest from Abu Dhabi and China in Hyde Park site"
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| Link to web site |
"More than a quarter of the homes in large developments of over 1,000 units in the capital are being built by foreign investors, according to data provided to the Guardian by Molior Consulting.
" 'There is a huge concern,' said Joan Ruddock, MP for Lewisham Deptford, where Hong Kong-listed conglomerate Hutchison Whampoa is behind plans for 3,500 homes. 'This is global capitalism and we have to find a way around it. There have to be some tougher controls about the balance between housing for the more well off and affordable housing, and I mean genuinely affordable. The capital will not be sustainable unless people in the public services can afford to live here. We are pricing them out.'
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"... 'There is a perception these major residential developments backed by international money, particularly in super-high towers, only serve a market for overseas investors who want to buy a luxury flat in a skyscraper to treat as a safety deposit box,' said Nicky Gavron, the former deputy mayor of London and chair of the London assembly’s planning committee. 'Such properties often become buy-to-leave investments and don’t meet the needs of Londoners. London is in the midst of a housing crisis – what we need is mixed-income housing where people actually live.'
"... Richard Blakeway, London’s deputy mayor for housing, land and property, defended the scale of foreign investment. 'With London facing unprecedented growth, foreign direct investment, together with traditional institutional finance, is helping to unlock developments that have stalled for many years, allowing thousands more homes to be built for Londoners far sooner than would otherwise be possible,' he said."
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| New John Lewis Brent Cross car park (Fenwick Brent Cross car park behind) |
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