FOREIGN investors are snapping up chunks of new housing developments across Britain – making it harder for young Brits to get on the property ladder.Overseas money is now moving beyond London and targeting flats in the midlands, the north and key towns around the capital.The falling value of the pound is making property even cheaper for foreign money-men.More than 93% of flats in one of Manchester’s biggest housing developments have been bought by foreign residents or overseas companies, according to The Times.And just 17 of 282 flats in the development were bought by British residents – with only two occupied by UK owners.The rest are empty or being rented out.Other hotspots for overseas money includes Birmingham, Leeds, Liverpool, Newcastle, Cambridge, Slough and Brighton as investors seek better returns and lower taxes.But estate agents say the foreign surge is pricing out young British first time buyers.Lucian Cook, of Savills, said: “These middle-class buyers are more likely to need high-yield properties [that pay good rents relative to their value], which is why they are increasing looking outside London.”Critics have also called overseas investment a “scandal”.Daniel Valentine, author of a report on the housing crisis for think-tank Bow Group, told the paper: “British… Read full this story
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