Boost for London Property Buyers!

Due to a new initiative by the Mayor of London, UK based home buyers will have the opportunity to bid on new build homes priced under £350,000 before overseas buyers have the opportunity.

The "locals only" period will extend for 3 months, after which overseas buyers will be able to bid for properties as normal.

The scheme should begin sometime during summer 2018, but this is yet to be confirmed.

This is the first time that property sales have been restricted to local buyers in the UK.

According to research commissioned by the Mayor's office, 50% of new properties in the £200,000-£500,000 price bracket in London were bought by non UK investors, which is also the price range for many first-time buyers.

In addition to this the London School of Economics and University of York published an analysis that found that 70% of buyers in the segment were purchasing the homes purely for investment purposes.

Experts are divided on whether the new scheme will work or not, with some pointing out that the actual amount of homes in London that will qualify will be quite low, therefore reducing the effectiveness of the scheme.

Are you thinking of making a move this year? Our Mortgage team here at Westminster Wealth can ensure that you receive the most suitable mortgage for your personal circumstances, needs and objectives. Contact us today.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Our charges are usually between £395 and £995 depending on the type and amount of borrowing required and individual circumstances.

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