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It appears we will have to wait for your evidence on this but it will still have to be set against the current stock of academic research into this subject that shows that foreign buyers don't tend to leave flats empty.Just in case anyone is still in doubt there is a link to an article below entitled  "'Almost no evidence' of London homes owned by foreign buyers being left empty"In it research from the LSE and the University of York confirms that this is the case. Against this we currently have your claim that Boris Johnson now feels this is a problem - is there not perhaps a suspicion that this is a man whose views are formed by what he believes will serve his political advantage rather than any careful weighing of the facts? Blaming foreigners for our problems has become a bit of a vote winner over the last year or so.People in South East Asia generally do not have the more generous pension provision that people of their generation in the UK do and therefore tend to save much more. They put a lot of that saving into property particularly at the moment when yields on other financial instruments are very low. They are forced into property because securities wouldn't provide them the income they need. You are quite dismissive of the idea of a property as an investment as if there is some contradiction with it also being a home. In fact the opposite is the case. These people buy properties as an investment but for it to provide the yield they need it also has to become somebody's home.Please do let us know when you publish your what you have learnt but until them I'm inclined to believe the Government reports, academic research and common sense understanding of human behaviour that suggest that foreigners are part of the solution to our housing problems not part of the problem.http://www.telegraph.co.uk/property/house-prices/almost-no-evidence-london-homes-owned-foreign-buyers-left-empty/

Andy Jones ● 3190d

Andy, the point I am making is that yes, you are correct, incentives are being made to overseas investors  which exclude EU and UK residents/citizens and thus leading to unoccupied properties in this city.These are sold as investments. Not as homes.  Just like bitcoins.At best they are holiday homes. Occupied for a month or two.I've visited dozens over the last 5 years. It is well reported from the Guardian to the Telegraph. The BBC and Channel 4 have all raised this. Are we all completely wrong?The government Housing Select committee report fell way short of reality leaving many questions unanswered. I'm hardly surprised, it is extremely difficult to find out details.No doubt you are also aware that after several years of complete denial, Boris Johnson changed his view in his final months of office and that the current mayor raised this very issue during his election campaign.The second point is yes, incentives are made to non-UK and EU citizens who are also non UK residents. Why? Especially when as you say primary UK sales are flatlining.No such incentives were offered here. Not to ordinary people. It was also a practice for multiple Buy to Let purchasers to get a discount. That's a whole other issue which threatens the rental market as it has reached saturation point.Good news for renters at least.It is not restricted to Ealing - at present Ealing as far as I know, does not have any property currently being marketed overseas. But it is long established in Hounslow, Lambeth, Greenwich,Wandsworth Westminster, Southwark, Tower Hamlets and K&C and several others in London.I've been involved with research into this for over 7 years now and you are right, some circumstances in markets have changed. It has altered a bit in the last 12 months.But the buildings are up, the damage done, the profits made.Nonetheless, even with recent events, the market in London remains one of the most profitable over a shorter term than other cities and clearly the loopholes exist.Councils remain too quiet about this. It suits them. They get full council tax for unoccupied property but gain from not having to provide any services.Don't get this confused with social housing or 'affordable housing' where sub-letting and poverty is more of an issue. This is higher end property and new build property marketed as high end.It's far from convenient for me not to disclose evidence. It would be a lot easier. It is the hard gained labour of a small team and it is theirs, not mine, to fully disclose.  It will be published in due course, and it focuses on other locations.My concern is Ealing are going down the same road wooed with intentions by developers overriding what is really needed.What is apparent is there are a lot of empty quality dwellings, too many. In a densely populated city. Granting planning to developments which will primarily be marketed abroad while a domestic shortage is simply not right.

Mark Kehoe ● 3190d

People may have flipped flats when capital values were buoyant but that game ended several years ago. Now these new build units are not selling out at the time of initial marketing so the secondary market is very thin and you would probably have to sell at a loss. People who have been buying for the last few years have been buying for the income not the capital gain. To get income you need a tenant. When you have a tenant the home is occupied.I'm not sure what point Mark was trying to make in his anecdote. It sounds like in the instance he describes Malaysian purchaser were given some sort of tax incentive to buy overseas property probably in return for putting it into some sort of pensions vehicle. Therefore the scheme was just for locals. Do foreign buyers of property try to avoid tax as much as they can? Of course they do but domestic buyers will be doing the same so it isn't supportable to claim where the buyer is based makes much of a difference to how much tax is raised.That some empty properties exist is not in dispute. I'm sure you will be able to find some. Your original claim, which you still haven't given any evidence for, is that foreign buyers are more likely to leave a unit vacant. The notion that you have 'more than just hearsay evidence' but you can't disclose it seems a bit convenient. The actual evidence that has been published including submissions to the Commons Housing Select committee is unequivocal and shows that the country of origin of the property owner has no impact on the likelihood of the home being left vacant.

Andy Jones ● 3190d

If you look at the actual evidence rather than an unscientific light test there is no difference in occupancy between foreign owned units and those owned by domestic buyers. This has been demonstrated time and time again most recently when analysis was done of occupancy in the Kensington area around Grenfell Tower. This showed it was a myth there was a significant amount of unoccupied property in the area. What possible reason would reason would anyone have for leaving a flat vacant for a prolonged period and forgoing  the substantial revenue you get from rent? Certainly not the buyers from places like Singapore and Hong Kong who acquire them to give an income in retirement. If anything their units are more likely to be tenanted.The idea that they pay less tax is also erroneous. They will be subject not just to stamp duty but the premium that BTL purchasers now have to pay so the effectively will pay more than someone buying a flat to live in. They may not be liable to CGT if they sell but most domestic buyers find ways to avoid this tax as well. This is not to mention the substantial benefit to our balance of payments of the huge sums of money that have come in to purchase property.Restricting foreign purchases also would be a dumb idea because a large proportion of new build property would not be developed if overseas money wasn't coming in. As it stands we aren't creating enough new homes and if we cut off this source of demand there would be even fewer. Domestic buyers are more scarce than they should be because of draconian restrictions on mortgage approvals so they wouldn't be able to fill the gap.

Andy Jones ● 3191d