April 24, 2008

Foreigners pricing people out of the property market

Natives of England are being priced out of the property market by foreigners who have money to spend in the capital and other locations, according to film maker Guy Richie, who is currently producing a film about how London has changed due to new money coming in from abroad.

He has exposed the fact that price has no bearing on some of these people, they see a how and want to buy, it makes no difference what the price is, and should there be someone else interested in buying the same house, and then they just step in with a higher offer and so on.

However it is ok for him for say all of this, after he is married to an American pop star who bought a house in the country for around nine million pounds. Which would appear to be the very same thing that he is complaining about, doesn’t it?

Source [UK Press]
http://ukpress.google.com/article/ALeqM5ih7QqRPI7HxRpMf6XLmqkTmFTEDg