Faulty Towers: Corruption Drives High-End Property Market
A group campaigning for greater transparency and accountability in financial transactions has claimed that billions of pounds worth of investment flowing into the UK property market is financed via overseas corruption.
Transparency International has produced a damning report, entitled “Faulty Towers, Understanding the impact of oversees corruption on the London property Market”. The report looks into 14 landmark developments in London, and concludes that around 40 percent of homes in these schemes were sold to investors in high corruption risk countries, or those hiding behind anonymous trading companies.
It also found that less than a quarter of these units were sold to people who are actually based in the UK - raising concerns about whether Londoners will eventually be priced out of the market altogether.
To find out more about how corruption is driving up property values, read the full article on the Estate Agent Today website