Panama Papers another body blow for weak prime London property market

London

THE fallout from offshore financial dealings in Panama is expected to be a body blow to London's prime residential property market, which is already weakening.

According to buy and sell agents, wealthy foreign individuals who have been buying property through offshore companies are likely to delay purchases until the UK government clarifies expected transparency legislation. Instead, foreign individuals who wish to live in London are likely to rent instead of buy because of fears that there will be investigations into property holdings of companies registered in Panama, British Virgin Islands and other offshore centres.