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Luxury London Home Sales at Risk as Wealthy Shun U.K. Visas

  • Number of Tier 1 investors visas is 80% below 2014 levels
  • Overseas buyers made up 41% of London luxury-home purchasers
A pedestrian walks past the columned entrances to luxury residential properties in Grosvenor Crescent in London.
Photographer: Simon Dawson/Bloomberg
Updated on

The number of wealthy people granted investor visas to live in the U.K. fell by more than 80 percent last year from the peak in 2014, a sign that luxury home sales in the capital may slump further.

While so-called Tier 1 investor visas rose 12 percent in 2016, the total granted was just 215, according to government data published on Thursday. That compares with 35,000 high-end properties planned for the city.