New, cheaper homes in London are to be offered exclusively to UK-based buyers for three months before being marketed to overseas investors, it was announced last night.

Mayor of London Sadiq Khan said that homes up to £350,000 could also be ring-fenced for Londoners for one month within that time frame.

When the three months are up, the new-builds could be marketed overseas.

The offer has been made voluntarily by a number of developers after Khan said he would crack down on London properties being marketed extensively overseas, cutting potential home buyers out of the equation.

However, UK buyers would still have to relatively well off, earning some £90,000 even if eligible for affordable housing schemes, such as Help to Buy.

Khan said: “Through extensive research I commissioned, I was alarmed to discover that overseas buyers were focusing to such an extent on the lower-cost end of new-build homes – many of which were being sold long before Londoners even knew they were available.

“That is why I have been discussing steps with the capital’s leading homebuilders and I welcome their landmark offer to give Londoners ‘first dibs’ for up to a month on all their new homes under £350,000, with sales ringfenced to UK buyers for three months before they are marketed overseas.

“The industry offer is an important breakthrough.”

Developers who have signed up to the scheme include Bellway, Berkeley, Barratt, Redrow and Taylor Wimpey, plus some social housing providers.