LONDON HOUSING AND FOREIGN INVESTORS

That this House believes that the ballooning cost of housing in London demonstrates the economic and social absurdity of allowing international capital to construct the city's housing needs; notes that overseas buyers are taking over large development sites while UK developers are marketing overseas to foreign buyers; further believes that London Mayor Boris Johnson's sole response, to seek a concordat with developers to agree to market in London at the same time as abroad, is both ludicrous and unenforceable; and demands that the Government introduces a tax levy starting at 5 per cent on an increasing scale on the value of properties owned by people who are not registered to pay UK tax, which would help curb property price inflation in the city and aid the many thousands of Londoners in grave housing need.