Discourage ownership of UK residential property by overseas nationals

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Discourage ownership of UK residential property by overseas nationals

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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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