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Is Southwark Council moving out Londoners with new luxury housing developments?

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Wednesday 9 April 2014 12.05pm
Here's some 2013 notes / stats from our MP that I had stuffed in a box...I quote

"One third of properties in Southwark are sold to people not domiciled in the UK."

Capital Gains Tax: individuals do a runner. Maybe that's why Russia prefers corporations?

"Two thirds of all newly built properties in Southwark are sold to people not domiciled in the UK."

CGT again. They can't buy freehold in some countries e.g. China. Before 10 years are up, do a runner.

"All properties in the recent Union Street development were apparently sold to people in Thailand"

At genuine market prices I wonder?

"The first sales on the Heygate redevelopment have been sold 'en masse' to buyers in Malaysia."

"An email sent to him from an architect living in Battersea said whole developments are being sold to Chinese cash buyers or highly paid professionals, with little opportunity for local people on middle incomes to purchase new properties."

Carrier bags of cash, or brown envelopes of cash, do seem universally welcome in Southwark.
Wednesday 9 April 2014 3.23pm
Right to buy + the freezing of the proceeds = people in private rented accommodation, divide that by the benefit cap....job done.
Wednesday 9 April 2014 7.10pm
Dear boroughonian, please can you explain your post
I do not understand it
Thank you
Thursday 10 April 2014 10.15pm
Councils were not allowed to spend the proceeds of right to buy, this meant an obvious shortfall in social properties so people were housed in private accommodation, and claiming extortionate housing benefit due of course to the extortionate rents, enter benefit cap and it's game over for them.
Friday 11 April 2014 8.40am
I read somewhere recently that there are now 500 former council flats owned by companies. Some through auctions/ repo, but many fron RTB residents moving on.

Taking tax from all taxpayers to pay for rip off rents, with that money going into the pockets of all the Landlord's who have piled in over the last decade just cannot be right and could not continue: it's unsustainable.

But we need to find some solution that does not require people who have gone to school and grown up around here, and their families etc. from being turfed out of London.
Friday 11 April 2014 9.27am
hhrca wrote:
But we need to find some solution that does not require people who have gone to school and grown up around here, and their families etc. from being turfed out of London.

It is a bit late for that! Working class cleansing has gone on for 40 years now... they all live out in Kent etc.
Friday 11 April 2014 9.47am
Not quite all, johnnytee
Some of us still live in SE1, and will fight social cleansing.

I agree with hhrca. We need to find a solution.
Friday 11 April 2014 10.46am
I think they called it "Victorian values".
Friday 11 April 2014 12.13pm
but if right to buy tenants have since sold and moved on and the property has been sold and sold again since, there is nothing that can be done. the horse has bolted. Isn't social housing these days basically the domain of housing associations ? ideally all new developments should have a mix of full sale, shared ownership and social/affordable places to rent. that model works and meets the needs of most who, surely, in the long run, want to buy their own home rather than rent?
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