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Foreign buyers push up prices by gambling on unbuilt homes

Overseas speculators are driving up house prices in England’s largest cities by “gambling” on properties before they are even built.

An increasing number of premium developments in London, Cambridge, Manchester and other cities are being bought “off-plan” by investors who have no intention of living there or renting them, housing experts claim. The sole intention is to sell them on before they are built to take advantage of rising property prices.