90% of Flats in London’s Top New Developments Sold Abroad

Andy Jones reports for VICE:

They were the apple of many a councillor’s eye, architectural porn brought to you by developers with interactive design plans and deep pockets. Many were built on land sold by London councils, boasting of providing affordable housing or flats for hard-working professionals.

Instead, from 12 of London’s highest profile new builds, some 87 percent of units so far have been sold abroad, with 42 percent of these going to buyers from high corruption risk jurisdictions, nations with a high incidence of corruption among public officials and services.

Last year, Keith Vaz of the Home Affairs Select Committee said that things need to change in the London property market. He revealed that around £100 billion of unchecked cash washes through the UK each year, much of it through London property sales, saying: “Investment in London properties is a major route which tarnishes the image of the capital. Supervision of the property market is totally inadequate, and poor enforcement has laid out a welcome mat for launderers and organised criminals.”

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