London is the epicentre of the British affordable housing crisis, and while there are over 500 high-rises under construction in the capital, consuming nearly every available lot, virtually every one of these towers is designed to serve the high-end luxury market (despite plummeting prices in this category), whose anonymous offshore buyers often never occupy or rent out the flats they buy, merely holding them to flip them later.
Nearly half of London's offshore-owned highest-end housing stock is vacant, and the more valuable a property is, the less likely it is that anyone lives there.
This figure rises to more than one-third of buyers, or 36 per cent, if we look at the “prime” market areas of central London over the same period. Here, vacancy was measured by looking at homes with little or no “transactional data”, relating to finance, retail or other forms of administration, such as tax records and bills.
On this measure, we find that half of residences in new builds in general are empty, as are 19 per cent of dwellings across London’s inner boroughs. The likelihood that a home is empty rises alongside its market value: 39 per cent of homes worth £1m to £5m are underused, and 64 per cent of homes worth more than £5m. Of the homes owned by foreign investors, 42 per cent are empty.
The more expensive a property in London, the more likely it is to be empty [Rowland Atkinson/Citymetric]
Anand Giridharadas was a former McKinsey consultant turned "thought leader," invited to the stages of the best "ideas festivals" and to TED (twice), the author of some very good and successful books, and as a kind of capstone to this career, he was named a fellow to the Aspen Institute, an elite corps of entrepreneurs […]
Since its publication in August, Anand Giridharadas's Winners Take All: The Elite Charade of Changing the World has been tearing through the world, changing the way we think about inequality, philanthropy and elites; Giridharadas is an Aspen Institute Fellow who's long traveled in elite circles, but who concluded that the philanthropy of the super-rich isn't […]
Tenants in California have received threatening letters from their landlords promising massive rent hikes if Proposition 10 (previously), which restores rent control, passes.
In photography as in film, all the real artistry is in post-production – increasingly so, with the new possibilities cropping up in digital imaging. If you’re ready to get serious about your photography, may we suggest HDR Projects 2018 Pro. As working photographers can tell you, this imaging software can help you re-imagine even the […]
A picture can be worth a heck of a lot more than just a thousand words. If you’ve squinted for ages trying to get just the right photo, you might have the right passion for a career behind the camera. You might even have the right equipment, but do you have the know-how? The Beginner-To-Expert […]
In case you hadn’t noticed from the sleigh bell-heavy music and the hues on your Starbucks cup, the holiday season hasn’t shown any more patience this year. But that doesn’t need to be a bad thing, especially if you’re hoping to get a jump on your shopping. Retailers aren’t waiting til Black Friday to dish […]