Question to the Ministry of Housing, Communities and Local Government:

To ask the Secretary of State for Housing, Communities and Local Government, what plans his Department has to limit the purchase of new-build properties by foreign investors.

The government has already made changes to the tax system to reduce demand for housing as an investment opportunity for overseas investors.

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.

At the Autumn Budget 2024, the government increased the higher rates of SDLT, which are also paid by non-UK residents purchasing additional property, by two percentage points from 3% to 5%.

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.