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First time buyers lose out to overseas investors as pound falls

Infinite Chaos said:
One of the unforeseen consequences of the falling pound has meant UK first time buyers can't compete with overseas investors who are now buying up cheaper properties in and around London.

A range of articles on this issue:

Brexit sparks overseas spending spree in London property - BBC News

London housing: Foreign investors buy up flats in suburbs after stamp duty hike | London Evening Standard

London property prices are falling because of Brexit | The Independent

I don't have a problem with overseas investment but first time and many UK based buyers looking for homes rather than investments are waiting to buy while there is economic uncertainty however cash rich overseas investors can take advantage of the stamp duty changes designed to help first time buyers.

Crazy, what solution do you think we should have?
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This is great for people who want to finally own a home! Thanks Brexit for making homeownership possible for thousands of people!
 
reinoe said:
This is great for people who want to finally own a home! Thanks Brexit for making homeownership possible for thousands of people!
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Yeah bu if you read the links, those buyers are often overseas Chinese investors, not UK people who voted for Brexit. The investors are buying up while British buyers are unable as the exchange rate and tax policy rewards the overseas buyers buying up large numbers of cheaper homes and pay less tax than if they investors the same amount on a larger home.
 
Infinite Chaos said:
Yeah bu if you read the links, those buyers are often overseas Chinese investors, not UK people who voted for Brexit. The investors are buying up while British buyers are unable as the exchange rate and tax policy rewards the overseas buyers buying up large numbers of cheaper homes and pay less tax than if they investors the same amount on a larger home.
Click to expand...

How wonderful that Brexit is encouraging outside investment into the British economy.
 
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