Southwark homes sold overseas despite Labour promises

Liberal Democrats in Southwark have criticized the Labour administration over the lack of action it has taken on the selling of new developments to overseas owners.

A damning ‘Transparency International’ report revealed that 100% of the 51 apartments sold at South Gardens by the Australian property tycoon LendLease were sold to overseas investors.

This flagship development at Elephant and Castle, replacing the now-demolished Heygate Estate, had previously been criticised for failing to provide the 35% affordable homes demanded by the council’s own planning policy.

Councillor Ben Johnson, Liberal Democrats Spokesperson for Housing, said:

“Labour councillors have often told us how good their relationship is with Lendlease, and claimed this allows them to get the best deal for our residents. Now that properties are being sold, it is clear that they are unable or unwilling to put any pressure on these developers.”

“Lendlease are building empty apartments for overseas investors, not homes for our residents. We are calling on the council to urgently investigate this and demand that homes built in Southwark are sold to UK residents first, not flogged off to overseas investors.”