A leading think tank has suggested half of homes on new property developments should be reserved for UK residents.
In a report published today for the Centre for Policy Studies, Croydon South MP Chris Philp argues that younger people are being “squeezed out of the market” by buy to let landlords and buyers from outside of the UK.
Stamp duty changes have helped many first-time buyers get onto the housing ladder. However, Philp says more must be done to stop overseas investors from snapping up new housing stock, especially on sites delivering more than 50 homes.
“Non-UK resident purchasers of flats off-plan tend to be predominantly from China, Hong Kong, Singapore, India, Malaysia and some Gulf states,” he said.
“By snapping up new build stock off-plan – including cheaper flats that are ideal for first time buyers – non-UK buyers are preventing young Britons from getting onto the housing ladder.”