Singapore Nationals Help Drive UK Property Market Activity
Published by Magnate Assets on
Feb 28, 2023
New research by Benham and Reeves, highlights that a supporting cast from Singapore is helping to drive UK market activity.
The bonus of the BNO visa scheme has resulted in a high level of Hong Kong homebuyers purchasing in London. They are the most prevalent within the current market, with some 23,524 homes registered to Hong Kong nationals. That is 9.5% of all internationally registered homes.
However, Singapore nationals are also helping to drive the market. The lettings and estate agents have established that a property portfolio worth £5.8 billion has been snapped up by Singaporean nationals.
The research was conducted by analysing the latest data on the number of homes owned by foreign homeowners.
UK Homes Internationally Owned
Jersey nationals are in second place with 18,493 titles registered with HMRC. 7.4% of internationally owned properties across the nation belong to Singapore nationals, earning them third place.
In contrast to Hong Kong buyers, Singapore nationals are not being drawn by the BNO visa scheme. Instead, the investment opportunities available and the recent weakening of the pound are drawing interest.
Hounslow has the largest proportion of Singaporean buyers. In total £1.658 billion worth of property in the borough is owned by Singapore nationals. A further £651.2 million worth of property is owned in Westminster and £543 million in Kensington and Chelsea.