Property Developers And Sales Agents Are Discrimination Against Local Uk Resident Buyers

[newbie99]

I went to see some new apartment property under development and I was told by the sales agent that only 10 percent be sold to UK resident buyers. The rest will be sold and advertised to buyers. This seems very discriminatory to me.
Is this allowed in business terms?
I know the developer and sales agent can sell to anyone they like, but surely it will prevent local residents to buy or own them.

[newbie99]

The above should read "The rest will be sold and advertised to overseas buyers."

[Baldric]

/// The rest will be sold and advertised to buyers ///

Buyers from where, you don't say?

[jackthehat]

People are allowed to sell their 'products' to whom they wish once all legal obligations are discharged.

I think they'll sell the apartments to the highest bidder wherever that person lives once the 10% have been sold to proven UK residents.

[Baldric]

Crossed posts, Ok, got it ;o)

[sandyRoe]

You'd think one person's money would be as good as another's
Maybe foreign buyers pay cash and the properties sell quicker.

[newbie99]

UK residents will soon end up in the streets. As we don't have the cash.

[ummmm]

Don't new developments have to have a percentage for social housing?

[jackthehat]

There are plenty of properties for purchase on the market; whichever part of the country you are in.

[ummmm]

Newbie - that's why people get mortgages.

[Flonska]

Generally speaking, unless there are restrictions/covenants within the contract between the land owner and developer and/or specific conditions applied in granting planning permission (eg by the local authority), businesses can choose who they wish to transact with. If I were the developer and faced the choice of a property remaining unsold due to a lack of an overseas buyer or selling to a UK resident who is ready willing an able to proceed yo completion, I now what I would do.

[Flonska]

^I know what I would do^

[Flonska]

^and able to proceed to completion^ - sorry . . . fat fingers!

[jackthehat]

The Section 106 agreements which were set in place to ensure that 'developments' contained a proportion of 'affordable' homes have been consistently nibbled away at by the already wealthy developers in order to maximise profits.

The proposals have to fall under a development which could reasonably be expected to be subject to a Section 106 Agreement. I have no idea what this development consisted of except that it contained *apartments*.

[woofgang]

If they are being offered to overseas buyers because they will pay more, could UK buyers afford them anyway?