Foreign owned homes in London worth £55.2bn

Foreign owned homes in London worth £55.2bn

0:01 AM, 14th July 2023, About 11 months ago

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Foreign homeowners have £84.2bn worth of property across England and Wales, according to a new report.

Letting agents Benham and Reeves reveal that there are an estimated 280,021 homes currently registered with an overseas correspondence address or to an overseas company across England and Wales.

London is home to the highest number of foreign-owned homes (103,425) and also ranks as the most valuable market for foreign homeownership at £55.2bn.

Provides vital homes for the nation’s tenants

Benham and Reeves submitted a Freedom of Information request to the Land Registry to find the number of properties across each area of England and Wales with the title registered to an overseas correspondence address, combined with government data on properties registered with an overseas company.

The letting agents then looked at the estimated total value of these homes based on current market values.

Director of Benham and Reeves, Marc von Grundherr, said: “Foreign homeownership levels have climbed by 3.2% in the last year alone and the vast majority of this activity is individual buyers, rather than offshore entities.

“A great deal of foreign interest comes by way of investment into the rental market and, with the government failing to address the housing crisis by delivering much-needed housing stock, this investment provides vital homes for the nation’s tenants.”

Foreign buyers will continue to bring a much-needed boost

The survey reveals foreign-owned homes in the South-East are worth a total of £18.8bn in the current market.

In Kensington and Chelsea, the current market value of foreign-owned homes is £12bn, with Tower Hamlets (£4.8bn), Camden (£, Wandsworth (£3.8bn), Hammersmith and Fulham (£3.3bn), Hounslow (£2.3bn), Lambeth (£2.3bn) and Islington (£2.4bn)

Mr Grundherr added: “Despite the current economic landscape, this interest has remained strong so far in 2023 and we expect that foreign buyers will continue to bring a much-needed boost to an otherwise weary property market as the year progresses.”

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