Fingers have been pointing at corrupt overseas buyers but is the real reason for London’s rocketing property prices just simply a shortage in supply?
With a growing population that’s leapt by 900,000 circa between 2005 and 2013, whilst only 175,000 new homes have been built, the maths is pretty clear.
What if every overseas investor, regardless of whether legitimate or not, was forced to sell their property to a UK buyer?
The maths wouldn’t change and there would still be a massive deficit in supply and demand.
High end property prices may dip slightly for a while but as with any elusive product, only the wealthy would be in a position to invest and the shortfall would continue.
London needs to start building new affordable homes or residents need to start looking further afield.
With the current average property price in London standing at £481,820, owning a property in London is now as accessible as joining an exclusive members only club for the average Joe on the street.
With modern technology allowing more and more people to work remotely, maybe it’s time to swap your Oyster Card for wellies and come and join us in the countryside?