Mayor of London, Sadiq Khan. Credit: PA Wire/ PA Images.

As an extension of the sanctions imposed on Russia over the invasion of Ukraine, Sadiq Khan has called for the seizure of property assets owned by Putin allies.

The Mayor of London’s call for seizure of Putin cronies-owned homes in the capital is estimated to be worth up to £1.1 billion for 100 homes, according to Transparency International.

It is a move that would also be a part of the solution to improve London’s international reputation and the local housing market, Khan told The Independent:

“For far too long ministers have turned a blind eye to the use of our capital’s homes as a safe harbour for oligarchs to park their cash, which is having a negative impact on both our international reputation and our local housing market”.

Wider proposals also include increasing taxes on international buyers, which could raise up to £370m a year to be invested in building council and genuinely affordable homes for Londoners, according to the mayor’s office.

It is also believed that these measures would have the ability to cool the overheated housing market and offer Londoners a higher chance at becoming homeowners.