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A Piece of England

A UK buy to let property blog

8/5/2023

UK expat investors may face new restrictions

 

According to an article by the Financial Times, a future Labour government may introduce new obstacles for foreigners investing in UK residential property. Under current definitions, that includes UK nationals living abroad.

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The newspaper has published an article claiming that, if elected, a Labour government may introduce higher taxes and buying restrictions on non-UK residents investing in UK properties. According to the FT, their sources are party officials involved in drafting a new manifesto to be considered by the party leadership. The Guardian has since run with the same story.

The key points highlighted include -

Increased Stamp Duty

A Labour government would increase the stamp duty surcharge - currently set at 2% - for non-domestic buyers. A similar proposal was considered and dismissed by the current government last November.

Priority given to first time buyers

New rules would be introduced so that for a given period - for example, six months - homes in a new development could only be sold to first time buyers. The exact period would be negotiated between the local authority and the developer.

Limited overseas ownership

Overseas investors would not be able to purchase more than 50% of the homes in a new development. 

While prioritising first time buyers is well intentioned, it risks unintended consequences.  The head of UK residential at CBRE, for example, warned that it could slow the flow of new urban apartment buildings, where some developers depend on pre-sales to secure financing.

Countries which have placed restrictions on overseas purchasers in recent years include New Zealand, Canada and Denmark.

Future-proofing

Unless Mr Sunak surprises us with an early general election, most of our properties will complete long before these changes could take effect. We have added the target completion date for each property on our listings page for easy comparison.

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