Londoners will get ‘first dibs’ on new-build homes up to £350,000

Housebuilders are to give Londoners and UK-based buyers “first dibs” on lower-priced new-build properties, it was announced today.

People who live or work in the capital will get a month’s “head start” to buy homes up to £350,000 before anybody else is able to purchase them.

Buyers across the rest of the UK will then get a further two months to buy before any overseas marketing is allowed to take place.

About 30 per cent — or 6,000 a year — of all new builds in London are in the £350,000 or below category, meaning thousands more homes could be available for domestic buyers. Research last year found that half of new properties bought by overseas buyers cost less than £500,000 — pushing many first-time buyers out of the market.

Stewart Baseley, executive chairman of the Home Builders Federation, said: “The protocol will ensure UK-based buyers are at the front of the queue and are first to get the opportunity to find and buy new homes being built.”

Almost all members of the Home Builders Federation and the g15, which represents the capital’s largest housing associations, signed up. Berkeley Homes, London’s biggest housebuilder, is also on board, along with Taylor Wimpey, Barratt London and Lendlease.

The move, announced today.

Read Full Article here