A number of major housing developers have agreed to restrict the sale of certain properties in the capital to UK-based buyers, it was confirmed earlier this month.
Big names including Taylor Wimpey, Barratt London and Redrow have agreed to take steps to restrict the sale of homes worth up to £350,000 to domestic buyers.
Under the arrangements being proposed, those in the UK would effectively be given first refusal on the properties in question, with the home only being offered up to those from overseas after three months.
The agreement comes following concerns that too many people are being squeezed out of London’s market by wealthy international investors.
The Mayor of London, Sadiq Khan, has been a major critic of the current situation.
“I am determined we take meaningful steps to help Londoners buy more new homes they can afford, and the offer from across the housing industry will mean we can move quickly to make this a reality for our city,” he said.
“Through the extensive research I commissioned, I was alarmed to discover that overseas buyers were focusing to such an extent on the lower-cost end of new-build homes – many of which were being sold long before Londoners even knew they were available.”
Overall more than 20 different housebuilders have agreed to support the initiative.