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<p>My Department does not monitor the purchases of property by foreign buyers.</p><p>
</p><p>The housing market is at the heart of our long-term economic plan – getting
homes built, creating new homeowners and delivering hundreds of thousands of jobs.
Foreign investment is helping to deliver new housing for UK residents and supporting
jobs and long-term economic growth.</p><p> </p><p>Following the financial crisis and
subsequent recession, foreign investment in new housing has been helping to provide
the finance needed to build homes. Without upfront investment from buyers, financiers
would not have released the cash needed for development to go ahead, and building
would have stalled.</p><p> </p><p>These new developments not only provide homes, they
also unlock associated affordable housing development In 2013, Savills suggested in
their report “Spotlight World in London” that international sales of newly built properties
helped to finance 3,000 new affordable homes that may otherwise not have been built.</p><p>
</p><p>In their report of July 2014, Savills estimate that “those buying an investment
property from overseas only account for an estimated 7 per cent of all greater London
residential transactions”.</p><p> </p><p> </p>
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