Christopher Luxon says changes to the rules on foreign home ownership should be in effect before the end of the year

The Prime Minister says the Government is just "weeks away" from an announcement.

He says Cabinet will have to sign off on the proposal, and legislation will need to be drafted and passed through Parliament.

But Luxon says he and Winston Peters have agreed on a paper to put to ministers.

He says there's a lot of things that need to go before Cabinet, but they have a proposal to put to Cabinet in the "next few weeks".