Property News · July 14, 2017

'Locals get first dibs': the Manchester flats banning foreign investors


Dubbed ‘Manchester homes for Manchester people’, the new Crusader Mill development is bucking the trend for apartments to be sold overseas, and is instead offering them to locals first. So is there an Oasis lyrics test?It has become a depressingly familiar scenario for flat-hunters in any one of Britain’s rapidly developing cities. A new crane appears on the horizon heralding the advent of a brand new apartment block, along with hoardings featuring an artist’s impression of good-looking, aspirational young people enjoying the finished development. “Ooh, I’d like to live there,” thinks aspirational young person, and goes online to find out how much it would cost to buy a unit. They immediately hit an insurmountable problem. The flats are not for sale to ordinary people like them, who actually want to live in them. Oh no. They are for investors only. By the time the flats are actually habitable they will have long been sold off, often wholesale, to foreign buyers. Continue reading…

Source : theguardian.com
Read more…‘Locals get first dibs’: the Manchester flats banning foreign investors

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