HousingEnded 12 Sept
Should foreign non-residents be banned from purchasing residential property in the UK?
Yes 63%No 37%795 votes cast
There are currently no legal restrictions preventing foreign nationals or non-UK residents from buying residential property in the UK. Non-resident buyers pay a 2% Stamp Duty Land Tax surcharge on top of standard rates and a 5% additional dwellings surcharge where applicable, with overseas entities required to register beneficial ownership. Foreign investment remains significant, valued at over £84 billion in England alone, though Labour has shelved a manifesto pledge to give local residents first refusal on new-build homes.
17 Opinions
The key problem group in this question is “non-residents” of all forms - whether from the UK or not. Current taxes and measures to prevent speculative residential ownership clearly don’t go far enough, given the country’s severe housing shortage and the rent-trap tens of millions are stuck in. Foreign investors buying houses to speculate, buy-to-let owners, and others all need to be severely limited until everyone with the desire and means to own their own home can do so.
I was conflicted on this but I believe controls/taxes should apply to ALL property purchases for rental whether resident in the UK or not. Property should not be an easy investment option for the wealthy at the expense of others
It would be a start, but there should be restrictions on a lot more than foreign ownership. No large company should be allowed to buy up housing either. Property should be limited to individuals or housing associations.
In ordinary times I would oppose such a ban. But we have a housing shortage and it's almost impossible for under 35s to buy a house without parental help. Allowing wealthy foreign investors to buy up swathes of housing only to leave it vacant or as an AirBnB at extortionate rates serves no benefit to the British people. Perhaps a high tax levy on foreign investors who do not live in the property would be a more balanced approach.
I can see the arguments for and against on this and so am conflicted... But perhaps a better system might be much larger taxes on those purchases, and an annual tax too, which would raise some much needed income for the UK and potentially allow resident tax burden to be reduced in the future.
With the housing crisis and street sleepers and homelessness a very serious issue, those people need to have first refusal. If non foreign nationals want to buy in uk, why not buy land and build themselves houses.
Locking out foreign direct investment is a great way to impoverish a country. These are mostly landlords, providing vital rental accommodation for people who can’t afford, or don’t want to buy their home. Like most proposed solutions to the housing problem it fails to address the cause. This is constrained supply due to a dysfunctional planning system that makes it too hard to build houses, in the context of increasing demand due to a growing population from mass migration.
Britain should have an open economy and i don't agree with banning overseas citizens from buying property. In any event it would only encourage workarounds such as very long leases and UK shell companies to hold property
This is common in other countries. Canada, Australia, New Zealand, Philippines, Thailand, China, Switzerland………. It’s a long list.
Yes. We do not have enough houses. They should be lived in by people who live here. A surcharge is not a ban. Foreign capital does not outweigh a key for the wise. Build for residents. Do not sell the shortage to someone who will not sleep in it. First refusal for the people who stay.