It seems ironic that despite the shortage and home crises in London, advertisers are still spreading and reaching potential buyers overseas. According to a previous report by independent.co.uk, "Flats at London's new Nine Elms housing development are being advertised to buyers in the Far East despite an acute shortage of homes in the capital."
Home buying is difficult for London's residents. The residents could not afford buying a home of their own while other residents are struggling with rent cost. According to previous report by standard.co.uk, "London's housing shortage is one of Britain's biggest public policy failures of the last 50 years." The lack of affordable homes has forced any residents to delay in settling down and having families. However, it is ironic that the home developers have reached out to foreign nations such as Singapore to sell homes in London. A clear example are the billboard signs placed in Hong Kong for flats in the Aykon tower near Vauxhall.
The advertising sign contains promotional words such as "global symbol of opulence". Not only in billboards, but the advertising push has penetrated the newspapers as well. A Full-page newspaper adverts have also been taken out in the Singaporean newspaper called the "Straits Times" as stated in a report by independent.co.uk.
Homes in London that were being advertised were the Aykon tower and the Embassy Gardens. These properties were advertized by realty agents such as the Savills and DAMAC. The adverts for other UK developments in Singaporean newspapers boast of rental returns from British tenants of eight percent, and a guaranteed 121 per cent buyback after seven years as stated in a report by independent.co.uk.
Despite the advertising of homes to foreign nationals, the Mayor of London Boris Johnson urges the developers to change their advertising tactics. According to a previous report by independent.co.uk, "Mayor of London Boris requested the developers to voluntarily commit to selling new homes to Londoners before or at the same time as abroad."
