“George Osborne should resist any temptation to restrict the sale of London property to overseas buyers. There are criticisms that foreigners leave their apartments and houses empty, creating a ghost town. But super prime developments such as Number One Hyde Park are not representative of the market as a whole. The overseas buyers I deal with want a return on their investment here and if they aren’t going to live in it themselves, they will rent it out.
“It is worth remembering that many of the big developments in London would never have been built without demand from overseas buyers with the areas around Vauxhall and Battersea, for example, funded mainly by foreign investors. All this has an important trickle-down effect – the workman who digs the foundations for these buildings has to spend his money somewhere, for example, and it all goes back into the economy. Handled properly, the UK will continue to be a safe haven for investors from overseas, which will boost the economy.”