A developer is proposing to launch 345 new-build flats at Canary Wharf with a policy of selling to UK buyers before it targets overseas investors.
The Canary Wharf Group says the flats will go on sale from July 9 with prices starting from £395,000; they are part of a long-term development which will include 3,200 new homes (with enough space for an addition 400 on top of that) plus offices, shops, restaurants, public spaces and a school.
One quarter of the new homes are designated as affordable.
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Very sensible idea. We have a major problem in London, particularly in high-end areas like Canary Wharf, of overseas investors buying up stock that they will never live in. They are simply buying it as an investment and sitting on that investment until they've made enough of a profit on it to sell it on.
There are an unforgivable amount of empty homes in the UK - which is even more pertinent given the current housing shortage. Therefore, any initiative to solve this is fully welcomed by me.
I think it's a brilliant idea, giving UK buyers a chance to purchase property before overseas investors muscle in, purchase the properties before leaving them empty. It's also a step in the direction by the developers to ensure that a good proportion are affordable, a big thumbs up from me.
Be interested to see exactly how they will go about restricting those overseas buyers though.
Can they do that? my NAEA training said not!
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