Boris Johnson predicts 'correction' in rising house prices

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Boris Johnson predicts 'correction' in rising house prices
2nd October 2014

Mayor of London Boris Johnson has predicted a ‘correction’ in the soaring cost of housing in London.

When questioned by Independent editor Amol Rajan about the future of housing in London, Mr Johnson shied away from saying there will be a price crash.

But said there will be a price ‘correction’ .

“Only a fool would say which way the housing market is going to go,” he told Power Lunch.

He added the answer to the housing crisis is to build more homes. 

‘Properties in the capital should be offered to Londoners first’

Properties being left vacant is pushing housing prices up across the capital.

Mr Johnson said enforcing harsher council tax punishments on foreign investors buying property and ‘turning the lights off’. 

He also said Londoners should be given priority in the London housing market.

“I’m not against the planet zog,” he told Power Lunch.

“We’ve all got ancestors from the planet zog, me included, and we want people to feel like London is a great international city but we’ve got to have a housing system that actually addresses the needs of Londoners.”

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