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Stop Rich Overseas Investors From Buying Up Uk Homes, Report Urges

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http://www.theguardian.com/business/2014/feb/01/rich-overseas-investors-uk-eu-housing-market

"The UK property market is being used as an investment vehicle by the global super-rich – and increasingly the simply well-to-do," the report says. "The inflationary impact of this extra cash is good news for property owners – until they want to trade up the housing ladder.

"It is good news for estate agents on commission, who report with glee every pulse and surge in the market. But it is not good for those already being priced out at the bottom."

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....because people in the scheme of things are really not that important... money and the attraction of it is, wherever or however it may come from. ;)

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Free-market organisation Civitas castigates government ministers for allowing wealthy foreign investors to stoke a property boom that it says is driving up prices and locking millions of UK citizens out of the housing market.

They're about the last people I'd have expected to be complaining about this kind of thing. Meanwhile no-one on the left seems too bothered. The world turned upside-down ...

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Guest spp

Quite a serious drought building in California, so that's one less place they'll be looking to park their cash.

Average home in London £1m by next year! Growth you can believe in.

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They're about the last people I'd have expected to be complaining about this kind of thing. Meanwhile no-one on the left seems too bothered. The world turned upside-down ...

If right-wing means liberal economics - which in the modern world it does - then land value tax is a right wing policy, as is a citizens income.

The politics of our time is closer to the 19th century than the 20th. Liberal free markets vs rentier conservatism.

From the perspective of the last century, this manifests as a split on the right, with left wing socialism mostly an irrelevance.

Edited by (Blizzard)

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They're about the last people I'd have expected to be complaining about this kind of thing. Meanwhile no-one on the left seems too bothered. The world turned upside-down ...

Nieu Labbia = Mafia

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In last year's autumn statement the chancellor, George Osborne, announced that he was closing a loophole that had allowed foreign investors to make huge profits on sales of UK homes by avoiding any capital gains tax. Civitas says that move, while a step forward, is unlikely to deter them, because the booming British market remains so attractive.

Labour recently announced a series of measures to boost housebuilding and deter foreign investment in London, including changing the rules so that newbuild homes have to be marketed to Londoners first, rather than sold off-plan to investors around the world. It also plans to double council tax for homes left empty and will end another loophole that allows overseas owners to cut their tax bills by claiming their properties are "second homes" and furnishing them with minimal items such a single table and chair.

Sadiq Khan, the shadow London minister, said: "London is in the middle of a severe housing crisis, yet there are around 50,000 empty homes across the city. It's complete madness. We must stop housing that's built as family homes being used instead as a piggy bank for the world's wealthiest people.

"We urgently need to build more affordable housing in London, but unless all new homes are made available for Londoners to buy, they won't help solve the crisis."

All just tinkering around the edges.

Yet another article with plenty of claims about various possible policies but no facts or figures to show the effect of any individual policy.

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They're about the last people I'd have expected to be complaining about this kind of thing. Meanwhile no-one on the left seems too bothered. The world turned upside-down ...

True.

Sounds like they're concerned for their right wing political base. If there's no 'property owning democracy' there's no-one left to vote Tory and chance of imposing their neo-lib theocracy dies in a ditch.

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