Discourage ownership of UK residential property by overseas nationals
UK residential property should be available to British nationals only. UK homes should not be acquired by overseas property speculators and those seeking a UK holiday home / bolt-hole.
Knight Frank has noted that 63% of purchases in the central London new build market (2010 International Project Marketing report) were made by overseas nationals and that only 41% of central London new-build properties were purchased for owner occupation. Investors from the Far East accounted for 28% of new-build purchases and 51 nationalities are pursuing prime residential properties in London.
This open-door policy drives up property prices, puts further pressure on the limited supply of land and forces those working in London to commute ever further distances, creating greater carbon footprints.
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