Tuesday, Mar 07, 2017

'Surely not'

FT Adviser: Billions of corrupt wealth ‘fuelling London housing crisis’

Corrupt money is thought to be pouring into London’s housing market and exacerbating the capital’s housing crisis, with more than £4.2bn worth of property bought using suspicious wealth.The acquisition of luxury property by corrupt individuals is causing a ripple effect, driving up prices in the rest of the capital and pushing many Londoners out of the city, according to a report by Berlin-based anti-corruption NGO Transparency International.

Posted by jack c @ 09:43 AM (3428 views) Add Comment

4 Comments

1. mombers said...

HMRC declined my FOI requests for the addresses and banding of anonymously held properties under ATED (up to £220k p.a. tax paid by those who don't want to fess up to who they are). They also won't give their anti money laundering policy doc either or disclose how many if any prosecutions have been made for suspicious ATED payments. Amazing that you can hand HMRC a cheque for £220k without disclosing where it's from. I wonder if you can pay with briefcase of cash even!

Tuesday, March 7, 2017 11:57AM Report Comment
 

2. sneaker said...

@FTAdviser - You've only just realised? Where the FCUK have you been the last few years when every other paper has been running this story? In a cave?

Tuesday, March 7, 2017 01:01PM Report Comment
 

3. icarus said...

"£4.2bn worth of property bought using suspicious wealth"

As Manuel would say - "Que?".

Is that £4.2bn the total over time, in the last year, averaged p.a. over how long, or Que? If it's the total over time it's about 0.2% of the total London property value. And what % of 'suspicious' money is likely to be corrupt?

And if it's just luxury apartments going for silly money how, and to what extent, does this crowd out workers looking for homes?

And how should we count the purchase of football clubs (when does suspicious money become respectable?) utilities and other assets?

Tuesday, March 7, 2017 07:33PM Report Comment
 

4. sneaker said...

And what about every other overpriced asset on earth?

Can we now explain why everything is so expensive yet nobody knows who the buyers are?

Please stand by for your next free market experience.

Tuesday, March 7, 2017 08:48PM Report Comment
 

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