There has already been evidence of the highest priced properties in the capital showing evidence of a slowdown in recent months, as fears surrounding Brexit and tax changes have made buyers reluctant to take the plunge on pricey second homes.
However, a recent ruling by the Government is set to have a further impact on big-ticket property, with super rich investors no longer likely to see London as the appealing tax haven that it once was.
The new legislation, announced yesterday at the London Anti-Corruption Summit 2016 by David Cameron, reveals plans that mean that buyers and homeowners are no longer allowed to keep their identities secret by purchasing property through offshore companies.
Any foreign company buying property the UK will also be obliged to join a public register of beneficial ownership. This anti-corruption ruling has been designed to crack down on offshore secrecy, and will also apply to companies which already own property in the UK. The details of thousands of homeowners in the UK are able to become public knowledge.
The government believe that the register would allow for easy identification of “corrupt individuals, and countries will no longer be able to move, launder and hide illicit funds through London’s property market”.
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Comments for Anti-Corruption laws put London property market under spotlight