4 ms·
There is no "different market" though. It's all one market for occupation of land, and one of the least regulated in the world... a place where speculators comp
by esja 12y ago
There is no "different market" though. It's all one market for occupation of land, and one of the least regulated in the world... a place where speculators compete with residents, where locals compete with foreigners, Panama-registered limited companies compete with PAYE earners, and so on. That is a huge part of the problem.
- notahacker 12y agoThe property speculators don't compete to occupy land though. They purchase it from existing occupants - a group whose net movement is out of London altogether - and then compete to supply it to renters. The separation between the rental-by-the-room and the market to buy freeholds is well illustrated by the tendency of an influx of property speculators to increase supply in the former at the same time as they unambiguously decrease it in the latter.