First time property buyers will be given a helping hand under the Treasury’s plans to impose tougher restrictions on foreign buyers.
The new proposed policy be announced within weeks as the Conservatives launch their new autumn drive to help young people get on the property ladder, according to the Sunday Telegraph.
The move will be seen as a ploy to help win some of Labour’s youth support. YouGov figures from this general election found the tipping point in age which people are more likely to vote Conservative than Labour is 47-years-old.
A Whitehall Source said: ‘There’s an issue in London with a large proportion of new-build flats being purchase off by, particularly, Far Eastern buyers: China, Hong Kong, Singapore, Malaysia.
Theresa May will clamp down on Far-East investors buying up new homes as part of a drive to entice young voters
‘They are bought when the flats are still under construction, meaning first-time buyers don’t get a look-in.’
The same is also happening in other UK cities, the source added.
Cabinet members are set to discuss housing policy this week before the Conservative party conference kicks off in October, and before the Chancellor’s budget in November.
Theresa May wants housing to be a central part of her conference address, which follows on from the Labour party conference, which begins today.
Philip Hammond told high-ranking Tory MPs that he wants to address the difficulty faced by first time property buyers and student debts, as there are fears young voters will associate the Conservatives with lack of social mobility.
Philip Hammond (centre) told high-ranking Tory MPs that he wants to address the difficulty faced by first time property buyers and student debts, as there are fears young voters will associate the Conservatives with lack of social mobility
Ministers have already agreed to sell-off swathes of Government land for housing. Areas around railways are also thought to be in contention for selling-off.
During the last general election campaign, the Conservatives said they would build a million homes between 2015 and 2020, with a further half a million by 2022.
Theresa May also promised to reform compulsory purchase, which would make it easier for councils to buy up derelict land.
Tories also said they aimed to halve the amount of rough sleeping by 2022 and ‘eliminate it altogether’ five years later.
The move is a drive to help take back some of the voters from Labour after a dismal showing for the Conservative among young voters