What with all this talk about house prices in London soaring out of reach for first time buyers, with accusations that foreign buyers are purchasing the property and pricing everyone else out the market, it’s unsurprising that the idea of a tax on foreigners has been proposed. According to a recent report, some 75 percent of property was snapped up by overseas buyers in 2012 – with apparently a large proportion of these properties being sold before they were built. But most UK-based buyers for example, expect to see and put in an offer for a property, by looking round it before purchasing – something a lot of foreign buyers aren't doing as they buy up property mainly for investment. However, we’re not completely sure how this tax would work yet and as with all property levies there always tends to be unexpected consequences. For more, read the source below
