Foreign buyers of English properties will have to pay a levy of 3% of the purchase value under plans put forward by British Prime Minister Boris Johnson’s Conservatives
LONDON - Foreign buyers of English properties will have to pay a levy of 3% of the purchase value under plans put forward by Prime Minister Boris Johnson’s Conservatives on Friday, aimed at deterring wealthy investors from driving up house prices.
Successive British governments, including the last nine years of Conservative rule, have failed to alleviate a long-term housing shortage which has driven up property values and priced many working Britons out of buying their own home. A Conservative briefing note cited an academic study which showed 13% of new London homes were bought by non-residents from 2014 to 2016.
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