London`s property prices are set to rise further more as London has been voted the worlds top city for investment in property by foreign investors.
The investment from outside the UK is causing a housing bubble which could push out first time buyers.
Being voted the best city does carry problems for the native home owners. The rise of prices on London property is happening at an unsustainable rate and is squeezing the average person out of the city.
The conservative government are fully aware of the issue and have announced that as of the their will be a capital gains tax on foreign investors to help try and curb the soaring property prices.
The house prices in London rose by nearly 9% in August alone, compared with around 2% elsewhere in the UK, according to the Office for National Statistics.
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Update: June 2016
London is still ranking high on the list for business investments – both from home and abroad! In fact in a recent report earlier this year from EY’s annual Attractiveness Survey revealed that London has overtaken New York and Shanghai in a global ranking of top tech cities, thanks to its “incredible entrepreneurial attitude”.
The report goes on to predict that London is the second most likely place to create the ‘next big tech giant’, only one place behind San Francisco. This means that compared to last year, London has jumped from fourth place to second place in the rankings – something that was hardly imaginable just five years ago.
London has always been a world hub for Financial Services, and these will always remain as important to the Capital, but other businesses such as the tech industry and business services are now booming, making London a very attractive place to the rest of the world’s investors.
The strength of London that has made it the financial capital of the world will also help the city as well as the whole country grow and prosper further over the coming years. Britain is a world leader with a prosperous future, and we have an environment that is well suited to entrepreneurs and business investors from across the world in all sectors of industry.
The survey conducted by EY shows that 2015 was a record year for foreign investment into the UK and especially London. In fact during 2015, London secured 406 foreign direct investments (FDI) projects – up seven per cent on 2014 – which created an estimated 7,026 new jobs.
With London now outperforming all other European cities, nearly 60% of business investors surveyed cited London as one of their top three cities for foreign direct investment, beating Paris into second place.
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