Super rich French turn to London

Super rich French turn to LondonSuper rich French residents are turning to the London property market amongst fears over rising taxes after current elections.

Francois Hollande,  the presidential candidate who is a favourite and in the lead, is proposing a tax rate of 75% for those earning above €1,000,000.

Central London has seen an overall drop of 9% in enquiries for properties from other European counterparts. However, Knight Frank has reported a 19% increase in interest from French buyers in the first 3 months of 2012. Read more of this post

Housing benefit cuts leave families in central London without homes

Housing benefit cuts are starting to have an effect on families who live in central London. Whilst a council officer recently declared that ‘to live in Westminster is a privilege, not a right’, primary schools are starting to see the disruption that these changes have brought about and there is a fear that this new cap will create ‘benefit ghettos’.

The housing benefit cuts were initiated by the government in order to save money, as well as growing public concern at the amount of tax payers’ money being spent on housing benefit. The cap will not affect those in council housing and will only affect houses in the private rental sector. Waiting lists for council flat and houses are already very long and such a measure will mean an even higher demand for such housing. Benefits for housing will be capped at £250 per week for a one-bedroom property and a £400 a week for a property with four or more bedrooms. However, such properties within this price range are impossible to find in Westminster. Read more of this post

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