Foreign investors are buying up a huge chunk of flats and houses
Overseas buyers hunting easy cash by plugging into the UK property market, blocking off our next generation of young families hunting a home.
A new study claims that foreign buyers are spreading from London and purchasing flats in the Midlands, the north.
In one glaring example, 93 per cent of flats in Manchester's latest housing development have been bought by either non-UK residents or companies registered overseas.
The tax system should penalise owners of empty homes in high demand areas
Only 17 of the 282 flats at Number One Cambridge Street were bought by British residents, with only two actually being lived in.
The rest are either empty or being rented out, with other owners hailing from 18 different countries including Azerbaijan, China, Japan and Zimbabwe.
Yet if Britons wanted to buy properties in their countries they would face severe local tax restrictions.
They are blocking off the next generation of young families hunting a home
Today Dan Craw, of the campaign group Generation Rent, said: "The tax system should penalise owners of empty homes in high demand areas."
Daniel Valentine, of the Bow Group think-tank, said: "British people face a grim future unless the government starts to limit the scale of foreign ownership.
"Overseas investors are inflating prices across the entire market, meaning most people on average wages will never be able to buy a home. There is effectively an infinite supply of international money that can pour into the country.
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'There are 63 million potential buyers in China alone' says Daniel Valentine
"There are 63 million potential buyers in China alone."
The apparent lack of owner-occupiers is in contrast to the impression the developer gave in its planning application to Manchester city council in 2014.
In a glossy application document, CS Development wrote: "The generously proportioned apartments have been designed to appeal to owner-occupiers, investors and renters.
"The scheme is appealing to those looking to make the step towards getting on to the housing ladder and more established owner-occupiers."
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House prices in Manchester rose by almost 10 per cent over the past year
Meanwhile, house prices in Manchester rose by almost 10 per cent over the past year, the fastest rise in the UK with average prices now nine times average earnings.
A CS Development spokesman said the occupancy rate was "very healthy indeed".
They added: "Unfortunately we have no control over market dynamics and so until we take a development to the open market we cannot be sure who the end buyers will be."
A spokesman for Manchester City Council said: "Vacancy rates in the city centre were 0.4 per cent only a few weeks ago showing the massive need for quality property."