Property speculators are hurting London

It's time we learnt a housing lesson from the Swiss.

London estate agents like to talk about some multi-million-pound house or other making a "delightful family home", says Ross Clark in The Times. A more accurate description might be: "This property will make an ideal speculative investment for a tax-dodging corporate vehicle registered in the Cayman Islands." It is the latter type of buyer who is driving up central London property prices to ever more absurd levels.

Clark points out that, in Kensington and Chelsea, 7.8% of properties are now registered as second homes higher than in the Lake District and many other areas notorious for their number of holiday homes. In places like Belgravia, the proportion is even higher walk the streets at night and you will see precious few lighted windows. (True enough: I've done it.)

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