Ban new home sales to foreign nationals...

Uther

Uther

Uther

Soldato
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I'm not a fan of the Torys, but this one seems to talk a lot of sense IMO:

''Foreign nationals should be banned from buying more than 50% of homes, a Conservative MP has proposed. South Croydon MP Chris Philp says the cap would help meet the Government’s target of 300,000 homes a year and ensure more new homes end up with first-time buyers. It comes after stats revealed as many as nine in 10 new homes in the UK were going to overseas buyers.''

https://inews.co.uk/news/uk/ban-foreign-nationals-buying-new-houses-says-tory-mp/
 
In most cases they are buying them as a safe place to park money and the problem is concentrated in London. Don't worry about it as after brexit we're down the toilet and they'll have lost money.
 
peterwalkley said:
In most cases they are buying them as a safe place to park money and the problem is concentrated in London. Don't worry about it as after brexit we're down the toilet and they'll have lost money.
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Manchester also currently has a PRS addiction and a lot of the developments are pretty much only marketed in the far east. I bought my flat 5 years ago but I know a few people trying to buy in the city centre at the moment and its ridiculous the amount of developments which aren't even available for owner occupiers.

Of course none of this is caused by high ranking council members being connected to various development companies...at..all
 
It is sensible. So many empty homes owned by foreign investors who are just sitting on them while they go up in value and meanwhile we have OAP’s and army vets sleeping under bridges and in doorways. Nah, something ain’t right.
 
So many are bought off plan esp from the Far East but unless this full excludes the buyer selling them on within 10 years all that is going to happen is U.K. businesses will buy them off plan and then straight away sell them on to foreign nationals anyway.
 
It needs to go further, the homes need to be reclaimed at a cost of purchase price +10%.

Totally unfeasible idea, but I despise how its gotten to this stage. Well, it got to this stage 10 years ago and I'm not sure if I despise the brokenness of the system or the tardy political response to it more.
 
It ain't just London - it has hurt people down here as two recent new build estates have been snapped up by investors (mostly foreign) and rented out at higher prices than typical for the area which has resulted in an increase in the area in general as when renewals come up the landlords are putting their prices up "inline with the area" - unfortunately at the end of the day people have little choice (other than social housing or being homeless, etc.) so you don't get the reset like other commodity markets when people won't pay the asking price.

MSTRBKR said:
I want to see the workings behind that 9/10 claim!
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I can believe it - there are roughly 30 new build houses and 2 blocks of flats built in a former field behind my house - the large majority have been bought and rented out while I don't have exact figures every person I know that lives there has a foreign landlord.
 
Well, 'foreign nationals' doesn't mean foreign investors. It means UK residents couldn't buy home without naturalisation. Madness. Pure madness.
 
Building homes aimed at pensioners is a great idea, as it has the potential to free up more suitable housing when they sell rather than cling on to a home suitable for a family.
 
I'm currently working on a very exclusive development (cheapest studio is 850k) in central london and in a meeting with the client even they estimated only 20% of the properties will be lived in.
The other 80% will be bought by foreign nationals as either personal investments, investment fund properties or to simply say they own an apartment in x.
Every part of the plant I've designed has been concessed down from the design capacity that the building should have. If they ever have more than 30% occupation - they're screwed!
 
The house next door to us is owned by a company registered in Bermunda. There hasn't been anyone living in it for years and the owners don't seem to care. I wish I had that kind of money. It's such a shame, it could be a lovely family home.

I have no idea what the solution is. We somehow need to get people out of the mindset that houses are investments and into the mindset that they're homes. I don't know whether that can get done through new laws.
 
Whats going to happen when you stop foreigners buying these developments? Are people in this country suddenly going to have money to buy them seeing as most people can no longer afford a house without government help?
What a ridiculous idea. Most developers would go bust if it wasn't for foreigners and help to buy!
 
photoshop said:
Whats going to happen when you stop foreigners buying these developments? Are people in this country suddenly going to have money to buy them seeing as most people can no longer afford a house without government help?
What a ridiculous idea. Most developers would go bust if it wasn't for foreigners and help to buy!
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Or property values would drop as there'd be a glut of available properties...thus more people could afford them. Supply and demand. When supply outstrips demand prices go down.
Housing crisis = solved
 
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