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 standard.co.uk.

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.

standard.co.uk
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 november
I recommend
No recommendations yet

Comments

Post your comment to communicate and discuss this article.

Society
Children living in London boroughs with high diesel pollution suffer from stunted lung capacity, putting them at risk of early death, a study has said. Pupils living in areas that failed to meet EU nitrogen dioxide limits were at increased risk of lung disease, researchers found. The research studied 2,000 London school children over five years. "We are raising a generation of children reaching adulthood with stunted lungs," researchers said. Academics fro...
Incidents
A private school teacher has been left partially blind after another woman smashed a glass in her face during a night out.  Lisa Bertsch, 30, was at the Be At One bar in Richmond when she was hit in her right eye. The tumbler shattered and left Ms Bertsch, who lives with her boyfriend in Kingston, needing emergency surgery. She said the attack happened when she tried to stop the assailant pouring a cocktail over her friend’s belongings. Ms Bertsch added th...
Society
Discarded syringes have been left in play areas and car parks as a BBC investigation found councils were being called 50 times a day to remove them. Figures obtained by the BBC showed councils handled 18,496 cases in 2017-18, a rise of 7% in two years. A volunteer pricked by a discarded needle has told how he faces a wait for HIV and hepatitis test results. The Department for Communities and Local Government said it was "committed to doing more to reduce d...
Society
The German Zeppelin bombing campaign of London during WWI has been brought to the fore again days before the centenary of the war in a film made by schoolchildren. The first ever example of strategic bombing in history - a tactic used in total war with the goal of defeating the enemy by destroying their morale or economy - was during the First World War Emperor Kaiser Wilhelm II initially banned attacks on the capital because of his close connection to the...
Society
London’s busiest train station has recruited a hawk to scare off pigeons following a spate of complaints from angry passengers. Aria, a five-year-old harris hawk, has begun patrolling Waterloostation in a bid to stop people having to “fight" off pigeons while eating. There are 27 food and drink retailers at the Network Rail-managed station, and many customers have complained about pigeons pecking at food and leaving a mess. The birds have been pictured sit...
Society
London City Airport is going to fine airlines for breaching noise limits after a surge in complaints from residents.  The airport, based in the Royal Docks, has launched a “penalty and incentive” scheme for planes breaching its rules, and will name and shame them online. Bosses revealed the airport had seen a spike in complaints since launching concentrated flight paths in February 2016. The paths were changed after new air traffic control technology was b...
Society
The Crossrail delay will cost Transport for London almost £200 million next year in lost revenue, the Standard has learned. Latest calculations suggest the expected nine-month delay to the completion of the Elizabeth Line, first revealed in August, will cost the cash-strapped body almost £550,000-a-day.  TfL, which has a deficit of around £1bn, has told the London Assembly it will miss out on £170million income from passenger fares and up to £20million in...
Society
Motorists who park in cycle lanes in one of London’s “Mini Holland” boroughs could have their residents’ parking permits revoked, council chiefs warned today. A crackdown on illegal parking has been launched by Waltham Forest council amid growing anger at the way some drivers are blocking the new routes.  They are being introduced under a £30 million initiative to encourage walking and cycling by building Dutch-style segregated routes, including a three-mi...
Society
‘Only a bloody stark raving alcoholic is bloody drunk at 1.30pm in the afternoon,’ says Air India pilot. A senior Air India pilot was grounded after he failed breathalyser tests shortly before a flight from New Delhi to London on Sunday. Arvind Kathpalia, who is responsible for safety at the airline as operations director, denied drinking on the job and said he would contest the results of the alcohol checks. “It was 1.30pm in the afternoon, only a bloody...