Foreign investors are buying up chunks of new housing developments across Britain, making it even harder for young people to purchase their first home, an investigation by The Times has found. Overseas buyers are spreading beyond London, purchasing flats in the midlands, the north and the capital’s satellite towns as the fall in the value of the pound makes property cheaper. The Times has established that more than 93 per cent of flats in one of Manchester’s biggest housing developments have been bought by foreign residents or companies registered overseas. Only 17 of the 282 flats were bought by British residents and only two are being lived in by UK owners. The rest are empty or being rented out. Foreign buyers are also snapping up
Sterling weakness has ignited a foreign property buying spree across the UK , making it even more difficult for many British residents to enter the property market. A recent report reveals that over 93% of flats in a major Manchester housing development have been bought by foreign residents through companies registered abroad. It also notes that there is a plentiful supply of international money that could pour into the China via property - there are one potential buyers in China alone.