Research reveals most valuable markets for foreign homeownership
The number of London homes being brought by overseas buyers is set to increase over the next year despite the mortgage crisis.
Research by London lettings and estate agent, Benham and Reeves, found all but one of the top 10 most valuable markets for foreign homeownership are located within London.
Benham and Reeves submitted a Freedom of Information request to the Land Registry and combined the findings with Government data on properties registered with an overseas company.
The research shows the City of Westminster sits top, where foreign-owned property holds an estimated worth of £14.9billion in the current market.
In Kensington and Chelsea, the current market value of foreign owned homes is about £12billion, with Wandsworth at £3.8billion, Hammersmith and Fulham at £3.3billion, Lambeth at £2.3billion, all also making the list.
The firm said that there are 103,425 homes in the capital, including houses and flats, that are currently registered with an overseas correspondence address or to an overseas company.
This means that non-UK buyers account for 2.76 per cent of London’s existing housing stock.
Director of Benham and Reeves, Marc von Grundherr, said: “Foreign homeownership levels have climbed by 3.2 per cent in the last year and the vast majority of this activity is individual buyers, rather than offshore entities.
“Foreign homeowners account for a significant proportion of market value up and down the nation.
“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.”
(Picture: Pexels, Yelena Odintsova)