05/09/2016 Inside Out London


05/09/2016

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I'm Matthew Wright and welcome to a new series of Inside Out London.

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The big story over the summdr was our vote to leave

:00:10.:00:14.

And with the Prime Minister insisting that Brexit means Brexit,

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we ask, what does it all mean for London?

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As foreign investors take advantage of our

:00:24.:00:24.

falling pound, is Brexit helping or hindering

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Is there going to be a crash? Is the bubble going to burst?

:00:27.:00:34.

That depends so much on what happens politically over the next

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Right now, would I buy? I would rent.

:00:38.:00:40.

We meet the immigrants who no longer feel at home in the capital.

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They had no right to talk to me like that.

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You feel unappreciated, likd your contribution means nothing.

:00:50.:01:02.

And we send comedian Paul Chowdhry to

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discover what it would take for London to go it alone.

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By the end of this film, Dotmaster here is going

:01:08.:01:09.

to reveal our own London fl`g, we have a new football team

:01:10.:01:12.

and an anthem for what could become the greatest city state on Darth.

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One sector which has alreadx been affected by Brexit

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The devalued pound has triggered a spending spree

:01:32.:01:37.

by overseas investors, but these foreign buyers are no longer

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just targeting prime central locations.

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Changes to stamp duty mean they are also interested

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in cheaper properties, pitting them head-to-head

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For several years now, I have been reporting on the frenzied

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London property market. Those driven out...

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Oh, it is tough for the buydrs. We do feel sorry for them.

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London sometimes looks like a bargain.

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One bank warns that house prices could half if Brexit goes wrong

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A year ago, I met junior doctor and first-time buyer, Tanya.

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She even considered buying this repossessed cannabis farm.

:02:28.:02:35.

I do not think we could acttally move in when it is like this.

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She is still looking. Today, Cemetery Road.

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Brexit has just brought so much uncertainty.

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I do not want to be putting my life savings in and carry a big

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mortgage, when I do not know what is happening.

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My worst fear would be that this place

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We get these buyers, these first-time buyers, who will not buy.

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We just cannot believe it and it is all because of Brdxit

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London's first-time buyers `re a bit like poor old Goldilocks.

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When the market is too hot, they cannot keep up.

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But when it is too cool, they get scared.

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The market was on a slide bdfore. It was slipping down, but slowly.

:03:18.:03:26.

Brexit just gave it a bit of a shove.

:03:27.:03:28.

What we have seen from our data is that, in the new properthes

:03:29.:03:31.

in London, sales have pretty much halved.

:03:32.:03:35.

That uncertainty has led to price falls.

:03:36.:03:38.

While first-time buyers get the jitters, seasoned property

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Since the referendum on Jund 24 I have negotiated about

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?56 million worth of property transactions.

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On average, I have negotiatdd a 12% discount to the

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By Christmas, Henry believes the average London home

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will be worth ?30,000 less than its pre-Brexit price.

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In my opinion, of 32 years of buying houses and selling propertids,

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I do not think you have ever had a better time to buy a propdrty

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One of the great hopes of Brexit was that it would make propdrty

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Brexit jitters means the potnd against the dollar dollar

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is now worth 17% less than it was a year ago.

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Global estate agents, John Taylor, have witnessed

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I had the team in here count all the enquiries in the

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comparing it with the enquiries from the month before the vote.

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Over 80% of them had international dial phone nulbers

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As of today, we have 80% sold out in the development.

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Selling fast in Colindale, zone four.

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These Hong Kongers eye up new investments.

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So, this is our master bedroom, with ensuite.

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They are delighted that the low pound has knocked

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This country has a secure and stable property system.

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And, yes, it attracts foreign investors to come here, likd me

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And 15% off? It is like the sales!

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The London market is selling on to foreigners, not to the Englhsh.

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The English continue to sit on their hands and say,

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"We do not think this is a good time to trade."

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I am getting investors who are buying flats

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70% of sales in this Fairfidld development are first-time buyers,

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but for tax reasons, many foreign investors now

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deliberately compete for thdse cheaper outer zone homes

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rather than prime locations hit by higher stamp duty

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We had a lot of investors who would want to invest

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They would come in and buy a flat which would give

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Now, they arecoming in and buying thre of four smaller apartmdnts

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If an investor buys one tinx little flat in Mayfair, for ?1.5 mhllion,

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But, if instead, he buys six flats, costing ?250,000 each,

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somewhere cheaper in London, his total tax will only be ?60, 00.

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They have more than halved their tax bill.

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The public and London's mayor are critical of foreign invdstors

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but developers say they are keeping the market afloat,

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amidst Brexit uncertainty. If that sinks, so does

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all the affordable housing tagged on by councils.

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Because in the UK, and in London in particular, they play a

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very vital role in underpinning development.

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Of course, the uplift in purchases coming from

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abroad in no way make up for the fall in the number of English

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purchasers that we have seen in the market.

:07:28.:07:29.

So, increased tax and Brexit jitters have led to some spectacular

:07:30.:07:32.

reductions at the top end of the market.

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On June 15, a two-bed flat `t Battersea Power Station was on sale

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Today, it is on offer for ?1.15 million.

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So, can London sustain its luxury building boom?

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Two and a half years ago, London Residential Research gave me

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this warrning on the necklace of luxury developments

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We reckon this has all the hallmarks of a bubble.

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The research tells me that this bubble has maybe two and a half

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So, two and a half years on, plus Brexit.

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That depends so much on what happens politically in

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It is impossible to say, without seeing that

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But investor Henry Pryor is still buying post-Brexit,

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but warns that luxury new builds are taking a hit.

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Brexit has been, for them, a nightmare.

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There are 59,000 new properties either with planning consent

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But in central London, only 4,000 are sold every ydar.

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I think we have some signifhcant challenges and I regard

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This is not an investment, when it comes to buying

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these properties, it is speculation.

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I would not touch these new-builds, I am afraid,

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Two years ago, in Hong Kong, I witnessed Neil Jensen

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selling a yet-to-be built tower block in Stratford.

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There are not many left now, at all, are there?

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It is still not finished, but some of the investors whll

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already have sold on, with a 40% profit.

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Today, he is eyeing up another London development for his

:09:22.:09:26.

All the things that were sahd, they have not happened

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It sounds like you have had enough of people talking

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about bubbles about to burst in London?

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Mark, some day, somebody is going to be right

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and the market will drop by 5-1 %. It is a blip.

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You may find somebody sitting there saying, "I told you so."

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But really, over five years, ten years, 15 years,

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there are no fundamental re`sons as to why the market would crash.

:09:54.:10:03.

The Brexit effect, the talk of every London street.

:10:04.:10:09.

What is your main fear, your biggest fear at the molent

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That it is going to go into negative equity and I will need to move.

:10:16.:10:20.

A London home, the biggest thing most of us will ever buy.

:10:21.:10:23.

For Tanya in Cemetery Road, and many beyond, Brexit

:10:24.:10:25.

About half the nations in the world would have a smaller

:10:26.:10:43.

We would be exactly at that midpoint.

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we would be up there in the top 30 economies in the world.

:10:48.:10:51.

In the days following the referendum result, the

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number of race-hate crimes reported in the capital rocketed by lore than

:11:01.:11:03.

Post Brexit, Scotland Yard is dealing with up to 78

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incidents of this kind everx single day.

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No wonder many Londoners feel their home has become ` more

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There are even fears that r`ce relations in the capital have

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They had no right to talk to me like that.

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This is the place where I h`ve set up with my family, but after the

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Brexit vote, I will definitdly move from the area that I live.

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We are aware of people who `re considering moving, to seek safety.

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The only thing we can do is not to go back.

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The number 29 bus on a Saturday night.

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Captured on mobile phone, one woman's rant

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Following the European Union referendum, some people say such

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scenes are becoming more colmon in London,

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indicative of a place where hostility and hate are on the rise,

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One month ago, Urzabek was living in Camden,

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working as a relocation consultant for some of London's top London s

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But today, she is setting up home in Budapest.

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The sounds and the smells. And all the different cultures.

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We want to be able to contrhbute and enjoy and hopefully

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give enjoyment and be a useful citizen and, as an immigrant, I

:12:58.:13:00.

But her sense of belonging to London began to disintegrate just days

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We went to an apartment and it was in a nice

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We noticed that someone was there during the night,

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They came in, charged the phone urinated in the hallway.

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We asked them really nicely if they would leave.

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They said, "You Romanians, you immigrants,

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After they finally left, she called the police

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and had the lock repaired, but the very next day, the hntruders

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We asked them to leave again, but we were not going to get

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We did not want to get into anything physical.

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The abuse started, "You immigrants", etc.

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"You should go home now." And the guy actually hit me.

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He hit my arm. He actually bruised my arm.

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I am a normal citizen and I could not believe

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Take back control of huge sums of money.

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She believes those who abusdd her were inspired by the

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anti-immigration tone of thd Leave campaign during the European Union

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Being personally the victim of such hostility,

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Suddenly, you feel you are not wanted.

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You feel unappreciated, likd your contribution means nothing.

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It is an almost indirect way of getting

:14:43.:14:43.

I think, I did not want to go back to the UK any more.

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So, we are getting on and we do not look back.

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Post-Brexit tensions around immigration and race in our capital

:14:58.:14:59.

are having a very real impact on people's sense of safety.

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So much so, community support groups claim

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increasing number of immigr`nts are planning to leave

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The East European Centre in Hammersmith says that

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others are seeking safety in numbers,

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The whole context of the European Union vote has been difficult for

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migrants. From our work, we are aware that

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people are considering moving from one borough to another,

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seeking safety, quite frankly. They are looking for

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boroughs that have a higher proportion of people

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from their own community. That would make them feel s`fer

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More importantly, bring thel closer to some support networks

:15:53.:15:55.

that may be in place. The Metropolitan Police

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say such attacks have fallen back to pre-Brexit

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levels, but many Eastern Europeans say that does not reflect their own

:16:05.:16:06.

experiences and reality. Ten days ago, a 39-year-old

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Pole, Arkadiusz Jozwik, Police say one line of enquhry

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is that this could be a hatd crime. I think since the European Tnion

:16:13.:16:22.

referendum, there has been ` high It continues to be a fairly high

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level of racial incidents. Quite frankly, I think it m`y be

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growing, because we know of four men This is the level of

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severity we are looking at. We are very sensitive

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to communities, understanding the environment, seeing

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what is reported reported So, we understood that our

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Eastern European communites were feeling more targeted `nd more

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fearful and that is why, quite necessarily, we put ftrther

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focus in these areas. Some people are leaving

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because they perceive London to be Across the capital,

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there are immigrants who sax they feel trapped on neighbourhoods

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and estates where post-Brexht Coming in to my mind, I thotght

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they are probably going to hit me. The expressions on their faces were

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really angry. Originally from Spain,

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Nancy has lived happily on this south London estate with her husband

:17:27.:17:33.

and children But since the European Union

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referendum, she has been living in fear,

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after being cornered by thrde men, As soon as they were in

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front of me, they just They were saying really

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ugly words to me. It is something that

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you feel in your heart... I am going to start to cry,

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because it is not fair. Nancy now leaves home

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only if it is absolutely necessary. Her anxiety about a repeat `ttack

:18:14.:18:16.

is causing her to be They have to understand

:18:17.:18:19.

what is happening and that what is I know really good English people

:18:20.:18:26.

who are great people, but if incidents like this still

:18:27.:18:40.

happen to me or my family, H will definitely move from

:18:41.:18:43.

the area we live in. From the mother who has barricaded

:18:44.:18:50.

herself in her own home, to the professionals who have moved

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abroad, Brexit has exposed divisions in our communities that havd

:18:53.:18:58.

yet to be resolved. In terms of leaving London,

:18:59.:19:02.

that is a sign of giving in. And we will not give in to `ny

:19:03.:19:05.

extremism or any type of hatred As far as us leaving

:19:06.:19:09.

and other people, I think It is not as desirable

:19:10.:19:11.

a place any more. Now, I am an optimist,

:19:12.:19:19.

so I wish the UK all the best. Brexit may have been the nation s

:19:20.:19:29.

preferred choice at the refdrendum, In fact, over 60%

:19:30.:19:33.

of voters here chose That has led to talk of the capital

:19:34.:19:36.

striking out on its own. But what might an independent

:19:37.:19:44.

state of London We sent comedian Paul

:19:45.:19:46.

Chaudhry to find out. MUSIC: London Bridge

:19:47.:19:53.

Is Falling Down. Just after the war, the classic

:19:54.:19:58.

film, Passport To Pimlico, joked about plucky Londoners

:19:59.:20:00.

declaring independence. They had already mastered

:20:01.:20:02.

the Brexit lingo. We naturally have to enforcd

:20:03.:20:07.

the immigration laws. You can't have the one

:20:08.:20:10.

without the other. Can't allow tourists

:20:11.:20:13.

in without the usual formalhties. The British people have spoken

:20:14.:20:17.

and the answer is, we are ott. London was the only English region

:20:18.:20:25.

which voted to stay within This great city raises almost one

:20:26.:20:28.

third of all United Kingdom tax ?1 in every ?5 earned by Londoners

:20:29.:20:35.

subsidises the rest of the country. I do not know about you,

:20:36.:20:38.

but in my household, the biggest earner calls

:20:39.:20:43.

all the shots. Dad brought home the cash,

:20:44.:20:45.

Dad bought the TV. "When I want to watch

:20:46.:20:47.

the Liverpool game, I will watch "the bloody Liverpool

:20:48.:20:49.

game, you got it?" So, is it time for

:20:50.:20:52.

Londoners to go it alone? You are listening

:20:53.:20:56.

to BBC Radio London. We are trying to find

:20:57.:20:57.

an anthem for London. What would you be

:20:58.:21:00.

happy to stand on the This is one of the contenders,

:21:01.:21:02.

definitely, London By the end of this film,

:21:03.:21:08.

Dotmaster here is going to reveal our own London fl`g,

:21:09.:21:16.

we have a national football team and an anthem for what could become

:21:17.:21:19.

the greatest city state on Darth. Even London's mayor

:21:20.:21:22.

has got involved. As much as I like the idea, you will

:21:23.:21:42.

be pleased to know I am not planning checkpoints, barbed wire. L`st time

:21:43.:22:17.

I checked, it was about 180,000 He has started the petition for London

:22:18.:22:25.

independence. So far, it has been successful, but he started ht as

:22:26.:22:31.

something as a joke. Some experts did not say whether it would be a

:22:32.:22:36.

good bad idea. There would be great devil tuition for London. Another

:22:37.:22:48.

song which has been suggestdd. Our London movement is beginning to

:22:49.:22:55.

grow. Castrol started the rdvolution in Cuba. I work revolution could

:22:56.:23:04.

start in Cricklewood. Ken Livingstone Was our first elected

:23:05.:23:08.

mayor. If we were to go it alone, we would

:23:09.:23:36.

be about bigger than half of the warrant populations. We would be in

:23:37.:23:40.

the middle. In terms of the economy, we would be in one of the top 3

:23:41.:23:50.

economies in the world. We have got more immigrants than anywhere else,

:23:51.:23:58.

that was simply not a factor before. It has been a huge boost to our

:23:59.:24:04.

economy. Did you ever dream of becoming president of an independent

:24:05.:24:10.

London? I do, but the rest of the country mate duffer. Memo to self,

:24:11.:24:19.

he needs more persuading. Also, check out the defences, find out

:24:20.:24:32.

when HMS Belfast last fired a gun in anger. But we are surrounded. Every

:24:33.:24:38.

other region within England voted to leave the European Union. So, I

:24:39.:24:44.

picked it out and gauged sole opinion. Ridiculous. I would be very

:24:45.:24:57.

sad. The might fight to keepers but some economists think we should be

:24:58.:25:01.

allowed to issue our own London headlines. If you look over at

:25:02.:25:10.

Canada, they do not have a set immigration policy. Every state

:25:11.:25:16.

within it makes up the road. Perhaps we could have a situation wd in the

:25:17.:25:20.

London authorities locate your national insurance number. Hf some

:25:21.:25:27.

parts of the United Kingdom did not make it easy to be living and

:25:28.:25:31.

working there, that could bd very strict about what national hnsurance

:25:32.:25:37.

numbers they let in. We are going to need plenty of these visas. Tonight,

:25:38.:25:47.

all eyes will be on Wembley as the new National London squad t`kes to

:25:48.:25:54.

the pitch. England against London. The New London manager David Beckham

:25:55.:25:57.

says it will be emotional when they play as guests at Wembley. We are

:25:58.:26:06.

going to need a bit of Scottish coaching. Why is it when Scottish

:26:07.:26:11.

people talk about independence, everyone listens, but no ond takes

:26:12.:26:14.

it seriously when London talk about it. I am not sure. There is the

:26:15.:26:26.

progression. London subsidises the rest of the country. It sucks the

:26:27.:26:39.

life blood, like a evil vampire Back in London, it is time to reveal

:26:40.:26:40.

the new flight. So, you have used aspects of what we

:26:41.:27:00.

already have. The skyline. Ht is a London thing. But have we got the

:27:01.:27:09.

anthem? I do not think therd is any big surprise. Some people h`ve said

:27:10.:27:16.

you have to be proud to be ` Londoner. It is Waterloo Sunset If

:27:17.:27:30.

we cannot be independent, wd will have to be modest. MUSIC: W`terloo

:27:31.:27:39.

Sunset. Very amusing. Waterloo Sunsdt Is an

:27:40.:27:55.

anthem, but I would still h`ve gone from the Clash. This is what is

:27:56.:28:01.

coming up next week. I want to ask about your money laundering schemes.

:28:02.:28:09.

We expose the gangs using students to launder dirty money. I al the one

:28:10.:28:17.

who has been punished. Caught in a web of bureaucracy. We reve`l how

:28:18.:28:23.

prisoners are being left to rot The system is not working. It is simply

:28:24.:28:30.

unacceptable. And how bees `re producing some of the best honey in

:28:31.:28:36.

the country. It is very intdresting in its flavour. It is very different

:28:37.:28:42.

from that around the countrx. That is all from this week. If you miss

:28:43.:28:50.

anything, you can catch up on the iPlayer. Thank you very much for

:28:51.:28:56.

watching. See you again next week. Hello, I'm Riz Lateef,

:28:57.:29:04.

with your 90-second update. The Prime Minister has ruled out

:29:05.:29:06.

a points-based system Theresa May said it wouldn't control

:29:07.:29:08.

numbers coming in. It was one of the key promises

:29:09.:29:12.

of Leave campaigners New figures on Britain's

:29:13.:29:14.

services industry suggests The sector's bounced back

:29:15.:29:19.

from the seven-year low it recorded Junior doctors in England h`ve

:29:20.:29:23.

called off their strike planned for next week after worries

:29:24.:29:29.

about patient safety. Their union says more walk-outs

:29:30.:29:31.

planned for later this year

:29:32.:29:36.

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