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<p>The Department does not collect information on the number of foreign buyers of
new build properties.</p><p>However, publicly available research has looked at the
influence ‘international buyers' have in the new build market in London. Savills suggest
of an estimated 97,000 Greater London sales in 2012 (which includes existing property),
only 750 were “prime new build sales to international second home buyers”. An estimated
3,000 were for investment in lettings, and therefore available to UK residents as
tenants.</p><p>(<a href="http://pdf.euro.savills.co.uk/residential---other/spot-worldlondon-lr.pdf"
target="_blank">http://pdf.euro.savills.co.uk/residential---other/spot-worldlondon-lr.pdf</a>)</p><p>Knight
Frank (October 2013) found that between 85 and 90 per cent of new build purchases
in Greater London over the last two years went to UK residents. They note that “Our
research points to the fact that the majority of demand for new-build property in
London from overseas remains focussed on the relatively small and concentrated market
made up of the central London postcodes.”</p><p>(<a href="http://resources.knightfrank.com/GetResearchResource.ashx?versionid=2017&type=1"
target="_blank">http://resources.knightfrank.com/GetResearchResource.ashx?versionid=2017&type=1</a>)</p><p>I
would also refer the noble Lord to my reply to him of 1 April 2014, <em>Official Report</em>,
columns WA179-180.</p>
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