London homes, for British buyers only - but there's a catch

New homes in London are to be offered exclusively to British buyers but only where the asking price is £350,000 or less.

The restriction on overseas sales and marketing will be limited to three months, following a deal between City Hall and leading developers.

The move will see new homes offered exclusively to Londoners for a month, then to other UK based buyers for a further two months.

House builders will be free to market properties to foreign buyers after three months.

Developers including A2 Dominion, Bellway, Berkeley Homes, Barratt and Taylor Wimpey have signed up to the voluntary ban on foreign sales.

Mayor Sadiq Khan promised to give Londoners 'first dibs' on new homes during his 2016 election campaign.

Foreign investors have been for soaring property values. Many first time buyers find themselves priced out of the market.

Two years into his mayoralty all Said has come up with is yet another voluntary scheme with the housing industry.

He might boast that the scheme is different to the past but he can't hide from his scheme's low take up.

The ultimate issue is that first dibs on new homes means little in practice if an insufficient number of homes are actually being built in the first place.

– Caroline Pidgeon, Liberal Democrat London Assembly Member