Housing: Foreign Investment in UK
The question
To ask the Secretary of State for Housing, Communities and Local Government, what steps her Department is taking to ensure transparency in the acquisition of domestic housing by foreign investors.
Answered by Matthew Pennycook
Data on property ownership by overseas companies in England and Wales is published by HM Land Registry and is publicly available on gov.uk.
My Department has not conducted a specific assessment of the potential impact of foreign investment on housing affordability in the UK.
We recognise concerns about the impact of overseas investment on housing affordability, particularly for first-time buyers. In response, and as part of our commitment to supporting first-time buyers, including giving them the first chance to buy homes, we have introduced fiscal measures to level the playing field.
Non-UK residents already pay a 2% surcharge on top of the residential rates of Stamp Duty Land Tax (SDLT) when purchasing a dwelling in England or Northern Ireland.
In addition, at the Autumn Budget 2024, the government increased the higher rates of SDLT by two percentage points from 3% to 5%. The higher rates are also paid by non-UK residents purchasing additional property.
Increasing the higher rates of SDLT helps to ensure that those looking to move home, or purchase their first property, have a greater advantage over second home buyers, landlords and companies purchasing residential property.
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