United Kingdom property buyers and investors from Southeast Asia, including Thailand, look set to face tougher restrictions on their London real estate purchases.
Weekend media reports suggest the ruling Conservative party is set to announce new policies aimed directly at Far Eastern buyers of UK property “within weeks.”
The move is aimed at helping young people onto the property ladder, according to reports in the Sunday Telegraph newspaper.
A UK government spokesperson said: ‘There’s an issue in London with a large proportion of new-build flats being purchase off by, particularly, Far Eastern buyers.”
The source added that UK. property is purchased off-plan, when the flats are still under construction, meaning U.K. first-time buyers don’t get a look-in.’
Reports suggest that the UK government is set to discuss housing policy this week.
In recent months, there has been a noticeable increase in the number of UK property exhibitions in Bangkok.
Singapore, Kuala Lumpur and Hong Kong have long been targets for UK property developers, but as the number of potential investors dries up they have been turning their attentions to targets in secondary cities such as the Thai capital.