The Mayor of London announced last week a landmark step to give UK buyers a 3 month window to buy new homes in London up to £350k, before marketing to overseas buyers. Londoners - those who live or work in the capital - will have exclusivity for the first month of marketing. The measure is targeted at homes that are affordable by those eligible for affordable housing, ie earning up to £90k pa.
With research showing that over half of homes under £500k were bought by overseas buyers in London, the move is a bold step to alleviating the housing shortage in the capital for its residents and workers.
It is a direct challenge to the marketing strategies of many housebuilders in recent years to market overseas first, and it is encouraging to see some of the UK’s leading housebuilders - including Berkeley Homes - take up the initiative.