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geezer466

London House Prices Skewed.

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Would have thought someone would have picked up on this already....

http://www.bbc.co.uk/news/uk-33662174

Foreign criminals are laundering billions of pounds through the purchase of expensive properties, which is pushing up house prices in the UK, the National Crime Agency has said.

Its economic crime command director, Donald Toon, told the Times that London prices had been "skewed" as a result.

He said prices were being artificially driven up by criminals "who want to sequester their assets here in the UK".

Mr Toon urged estate agents to report any suspicious activity.

The newspaper reported that Mr Toon said he was "alarmed" by the number of homes registered to complex offshore corporations - some of which will have been bought with laundered money.

Agents must have their suspicions but of course are not subject to the same money laundering regime as those who actually handle and process the funds.

What's the betting the Government do diddly squat on this as per usual.....

The Treasury has earned £150m in the past three months from a tax on properties purchased by companies, trusts and investment funds, rather than individuals - supporting Mr Toon's claim, the Times said.

Edited by geezer466

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Thanks, deserves a thread of its own.

Houses have now become a store of money.....all sorts of money both dirty and clean.

What happened to houses as safe secure homes?......because when money, profit and taxes are involved somehow a blind eye is turned.

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London prices had been "skewed" as a result.

A lot of recent buyers in London are not going to be very happy to read that over their cornflakes this morning.

Edited by Fully Detached

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A lot of recent buyers in London are not going to be very happy to read that over their cornflakes this morning.

Now you didn't think it was possible that the average London house could be bought with the average London wage now did you.....the money must have been coming from somewhere....

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Now you didn't think it was possible that the average London house could be bought with the average London wage now did you.....the money must have been coming from somewhere....

I didn't, no. But then I didn't spunk a million quid on a shitty 3 bed terrace in a crap part of London :)

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read this when I woke up and knew we would have a thread on it. As a person living in the outskirts of London, this is the best news I have read this year. We know it, they know it, but to stick it on the BBC website so that the others know it too...excellent.

MORE...MORE..

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I didn't, no. But then I didn't spunk a million quid on a shitty 3 bed terrace in a crap part of London :)

Now what person in their right mind would do a thing like that, unless they thought a greater fool at a later date would pay more to relieve them of it?

Edited by winkie

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Now what person in their right mind would do a thing like that, unless they thought a greater fool at a later date would pay more to relieve them of it?

Exactly. Hope they're enjoying those cornflakes.

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I thought after the interest created by the Channel 4 programme exposed the agents relaxed attitude to dirty money there would have been more in the MSN but there wasn't.

By next weekend this story will have vanished. This crime is accepted. That would only change if there was a political angle, at the moment it's perceived as only effecting the top of the market. If it was "shown", we all know it does, to effect the whole country then things would change.

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So no accident that the topic is newsworthy now... A point we can probably all agree on?

Accepting that a process is at work it is:

A. To prepare the masses for a fall in London equity prices to be blamed on the criminal element for inflating them in the first place?

B. Aggressive investigation and action against the criminal element with seizures of assets purchased wit laundered funds ( positive news for the treasury and will offset losses in SDLT ect).

C. Both of the above.

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OMG...What will happen when these criminals are stopped and the skewing is corrected !!!!!!!!!

DONT PANIC, DONT PANIC, DONT PANIC.....too late the crash started 12 months ago.

The criminals are long gone with your dosh

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So no accident that the topic is newsworthy now... A point we can probably all agree on?

Accepting that a process is at work it is:

A. To prepare the masses for a fall in London equity prices to be blamed on the criminal element for inflating them in the first place?

B. Aggressive investigation and action against the criminal element with seizures of assets purchased wit laundered funds ( positive news for the treasury and will offset losses in SDLT ect).

C. Both of the above.

Looking at option B i have been thinking that this is something the Government can do and get away with.

Strange i mentioned this to someone about a year ago.

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I thought after the interest created by the Channel 4 programme exposed the agents relaxed attitude to dirty money there would have been more in the MSN but there wasn't.

By next weekend this story will have vanished. This crime is accepted. That would only change if there was a political angle, at the moment it's perceived as only effecting the top of the market. If it was "shown", we all know it does, to effect the whole country then things would change.

If it was a story originally in the Grauniad, I might agree. However, the original story quoted by the BBC is in the Times. The Times is 1) widely read in influential circles in London and 2) owned by the Government's big mate, Mr Murdoch. So I'm not sure this one will go away.

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If it was a story originally in the Grauniad, I might agree. However, the original story quoted by the BBC is in the Times. The Times is 1) widely read in influential circles in London and 2) owned by the Government's big mate, Mr Murdoch. So I'm not sure this one will go away.

I really hope that this can gain some momentum, though I fear the horse may have bolted.

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