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 - writes

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 by Sadiq Khan, comes amid concern about the number of lower-cost new-build homes being snapped up by foreign investors. The Mayor said: “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. The industry offer is an important breakthrough. I will now work with them to put it into practice.”

He originally promised in his manifesto that all part-rent, part-buy homes bought on mayoral land would be sold to Londoners who had been renting in the capital for at least five years, but this was thought likely to be just 10,000 homes initially.

The scheme, expected to be running later this year, means that no overseas sales or marketing can take place during the first three months a property is on sale. City Hall claimed it was the first time that property sales have been restricted in this way.

A previous scheme under Boris Johnson suggested that homes should be sold domestically “either first or at the same time” as overseas.

Tory London Assembly member Andrew Boff said: “The £350,000 benchmark is very low for London. This may well encourage developers to sell more homes above £350,000 to avoid meeting this requirement, therefore pushing up the price of new homes even higher. First dibs is looking like one of his worst fibs”.

Read more news of London on our site.
Londoners new-buildhomes
If you notice an error, highlight the text you want and press Ctrl + Enter to report it to the editor
2 views in january
I recommend
No recommendations yet


Post your comment to communicate and discuss this article.

England female basketball stars were joined by an NBA great to inspire young women to take up their sport. Siobhan Prior and Georgia Jones were joined by three-time NBA champion Bruce Bowen at the Jr. NBA Girls Clinic, hosted at CitySport in Barbican on Monday, before a game at the O2 on Thursday between the Washington Wizards and the New York Knicks. Prior and Jones, who were in the silver medal-winning England Women’s team at the Gold Coast Commonwealth...
Grieving parents heard that new medical practices could have saved their baby, who died in their arms at just four days old from preventable brain damage caused during labour. Sebastian Clark was born at Kingston Hospital on March 8 2017,  with devastating injuries from which he would never recover. Failure by midwives to escalate the case and subsequent failure by doctors to expedite the pregnancy, despite knowing that Sebastian’s mother Alison had develo...
A man has been tasered and arrested by police at a train station in south London. The 59-year old is currently being questioned on suspicion of attempted murder and possession of an offensive weapon after being detained at Tulse Hill. British Transport Police officers were called to the station just after 6:30pm to reports of someone carrying a knife. Nobody was injured and the arrest is not believed to be terror related. Witnesses are being urged to conta...
A mother has died and her eight-month-old boy is in hospital after being hit by a car as they crossed a road. The woman, believed to be in her 20s, was pushing a pram when they were hit in Anerley, south London, last night. The boy is in a serious condition after suffering from life-threatening injuries. The driver of the car that is believed to have hit them was also taken to hospital for non-life-threatening injuries and is helping police with their inqu...
News Company
Breaking up with your partner is always a disastrous event. However, if your partner decides to break up with you, it isn’t necessarily the end. Statistically 66% of exes want to get back together again. 50% of separated couples reunite. Here we will show you tips on how to fix a broken relationship. If you want to find your love you must realize that it is all about respect and understanding your beloved one.  Accepting The Situation  You have to calm dow...
A Londoner who used to contemplate suicide on his morning commute is now running the length of every Tube line to raise money for a mental health charity. Daniel Sherry, 29, quit his sports PR job in April 2018 and set about completing “30 challenges before 30”, including running his first marathon and cycling from London to Paris. His latest exploit is seeing him traverse all 11 lines of the capital’s 249 mile-long underground network above ground, on foo...
The family of London teenager Jayden Moodie say he had no links to gangs and was "murdered in cold blood". Jayden Moodie, 14, was stabbed to death by attackers who knocked him off a moped in Leyton on Tuesday in what police believe was a targeted attack. The teenager had moved from Nottingham to London with his mother six months ago for a "new start". No arrests have been made over Jayden's death, the Met Police has said. Speaking near to the scene where J...
A clubber who ploughed his car onto a packed dance floor in a drink and drug-fuelled rage after being thrown out by bouncers has been jailed for 28 years. Mohammed Abdul said he felt “humiliated” after being ejected from Blake’s nightclub in Gravesend, Kent, on March 17 last year. He drank at least 15 glasses of vodka, tequila shots and more than “five to 10 spliffs” of cannabis before he got behind the wheel of his Suzuki Vitara. Bouncers had kicked him o...
More than 100,000 spectators will descend on central London to watch the Mayor’s firework display tonight as the capital gears up for New Year’s Eve. Barriers have been put in place lining the streets ahead of the display, which has sold out. Fences have also been erected around fountains at Trafalgar Square ahead of Tuesday’s New Year’s Day parade. Tickets are no longer available but the display is visible from Greenwich Park, Hampstead Heath, Vauxhall Br...