Theresa May urged to limit number of homes available to foreign buyers to give Brits a chance
Tory MP Chris Philip says too many new build properties get sold to foreign investors and believes at least half of new homes should be reserved for British taxpayers
THERESA May was tonight urged to crack down on foreigners snapping up UK homes to give buyers here a chance.
Tory MP Chris Philp said too many new-build properties get sold to foreign investors.
He wants the PM to force builders of large developments to reserve at least half the homes for British taxpayers.
He also called for new zones where developments automatically get planning consent.
And he demanded a shake-up for renters so a proportion of what they pay can go towards them buying their homes — at the original price.
The MP outlines his blueprint to get more Brits on the property ladder in a report to influential think tank the Centre for Policy Studies.
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Mr Philp, who is a Treasury aide, says overseas investors target “cheaper flats ideal for first-time buyers”.
He warns: “Non-UK buyers are preventing young Britons from getting on the housing ladder.”
Switzerland, Australia and Canada already limit foreign homebuyers.
The think tank’s director Robert Colville said housing issues were “blighting the lives of a generation of young people”.