London- and UK-based homebuyers will have exclusivity on low-cost new-builds worth up to £350,000 in the city, as 26 UK housebuilders, including Redrow, Taylor Wimpey, Barratt London and Berkeley Homes, join an initiative led by London Mayor Sadiq Khan. Sales will be restricted to London buyers for one month and UK buyers for three months before marketing overseas. Research commissioned by the mayor's office found half of new London properties purchased by overseas buyers were priced under £500,000. The research found that half of the new homes bought by overseas buyers were worth less than £500,000. The move comes after a year of intense lobbying from local authorities who say they are struggling with rising house prices that threaten their ability to provide affordable homes for all Londoners – especially those living in inner
London- and UK-based homebuyers will have exclusivity on low-cost new-builds worth up to £350,000 in the city, as 26 UK housebuilders, including Redrow, Taylor Wimpey, Barratt London and Berkeley Homes, join an initiative led by London Mayor Sadiq Khan. Sales will be restricted to London buyers for one month and UK buyers for three months before marketing overseas. Research commissioned by the mayor's office found half of new London properties purchased by overseas buyers were priced under £500,000. The move comes after a year of intense lobbying from local authorities who say they are struggling with rising house prices that threaten their ability to provide affordable homes for all Londoners – especially those living in inner