London, Nov 22 (TIWN) Foreigners buying properties in England will be forced to pay three per cent more in stamp duty than the UK residents, if the Conservatives win the general election.

The party claim it will help people get on the housing ladder by taking the heat out of the property market.

The government was already planning a 1% hike for foreign buyers.

Labour is also proposing a levy on "overseas companies buying housing", and wants to give local people "first dibs" on homes built in their area.

Currently, foreign individuals and companies can buy homes as easily as UK residents - but there are longstanding concerns about properties being bought as investments and standing empty, particularly in upmarket areas of London.

The Conservatives quote a study saying 13% of homes in London were bought by overseas buyers between 2014 and 2016.