Sadiq Khan launches inquiry into foreign property ownership in London amid ‘dirty money’ fears

Sadiq Khan has launched an enquiry amid calls for more transparency around foreign investment into London’s property market. The enquiry comes at a time when more properties are being snapped up by foreign investors taking advantage of the favourable exchange rate on the pound, post-Brexit.

The Mayor said: “As more and more Londoners struggle to get on the property ladder, there are real concerns about the prospect of a surge in the number of homes being bought by overseas investors.”

He also raised concerns over money laundering - whereby investors use money obtained through criminal or corrupt activity, and sequester it in London’s lucrative property market, via shell companies and off-shore tax havens:

“Londoners need reassuring that dirty money isn’t flooding into our property market and ministers must now make all property ownership in London transparent so we can see exactly who owns what.”

To read more about the Mayor’s plans for property in the capital, see this article in the Evening Standard.

- Charlotte Wilkins