The Foreign Location with the Most UK Property Owners Revealed
Published by Magnate Assets on
Jun 9, 2023
In an intriguing revelation, new data from London lettings and estate agent, Benham and Reeves, has unveiled the foreign location with the highest number of property owners in England and Wales. The research highlights that buyers from Hong Kong hold more properties than any other foreign location, showcasing their strong presence in the UK real estate market. This positive news reflects the global interest in investing in the UK property market, further solidifying its appeal to international buyers.
Foreign Ownership Statistics:
Benham and Reeves conducted extensive research, utilizing a Freedom of Information request to the Land Registry, to determine the most prominent foreign locations among individual residential property owners. The data reveals that residents from the 50 most represented foreign locations collectively own 187,275 properties in England and Wales.
Hong Kong leads the way in terms of property ownership, with 24,759 homes representing 13.2% of the total. Singapore follows closely behind, with buyers owning 15,752 properties, accounting for 8.4% of the overall total. Buyers from the United States account for 6.4% of the properties, showcasing their significant presence in the market.
Apart from Hong Kong, Singapore, and the United States, several other countries are strongly represented in the UK housing market. The UAE holds 5.7% of the total properties, while Ireland, Malaysia, China, Australia, Kuwait, and France also have a notable share, ranging from 3.7% to 5.3%.
Increased Ownership and Emerging Trends:
The research reveals a positive trend of increased ownership among foreign buyers in the UK property market. The total number of properties owned by buyers from the top 50 foreign locations experienced a growth of 3.8% between January last year and January of this year. Notably, Chinese nationals witnessed the highest surge, with their ownership increasing by an impressive 18.8% to reach 8,736 properties.
However, it is important to note that while the majority of foreign locations experienced growth in property ownership, a few countries saw a decline in their ownership proportion. Buyers from Ireland witnessed a decrease of 3.5% in property ownership, followed by Taiwan with a reduction of 3.3%. Russian residents also saw a slight decrease of 0.5% compared to the beginning of 2022.
The UK property market continues to attract interest and investment from around the world, with Hong Kong emerging as the leading foreign location in terms of property ownership. The strong presence of buyers from diverse countries highlights the global appeal of investing in UK real estate. As foreign ownership increases and new trends emerge, the UK property market remains a favorable choice for international investors seeking stable and profitable investments. With a range of opportunities and a thriving market, Magnate Assets encourages overseas investors to explore the exciting prospects available in the UK property sector.