Houses are seen on Highgate Hill in north London April 3, 2014. (REUTERS/Suzanne Plunkett)
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Foreign-born buyers made 69 percent of central London new-home purchases in the two years through June, with 28 percent living outside the U.K., broker Knight Frank LLP said in October.When the project's Malaysian owners sold the first 866 homes in just three days in January, more than half went to foreign buyers.In December, a group of 11 U.K. homebuilders, including Barratt Developments PLC, Taylor Wimpey PLC and Telford Homes PLC, agreed to stop giving overseas residents the first shot at buying London homes sold before they're built. They agreed to offer properties at home and abroad at the same time. Londoners complain that much of the new development in the city includes apartments that only foreign investors can afford. Luxury-home developers, which often sell 30 percent of apartments abroad to finance construction, plan to build more than 20,000 properties in the capital with a value of about 50 billion pounds in the next decade, Mark Farmer, head of residential property at EC Harris, said in a November report.
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