The latest figures show almost 250,000 homes in the UK are now owned by overseas nationals. In the current market, that is £90.7bn worth of property, suggesting that the UK remains a safe haven for foreign homeowners.
On a regional basis, London is home to the highest value of foreign-owned homes, with 85,451 properties belonging to overseas homeowners equating to a total value of £45.3bn.
Westminster ranks top, with foreign-owned homes commanding a current market value of £11.8bn, while in Kensington and Chelsea, this total sits at £10.7bn.
Tower Hamlets ranks third, although some way off the top two, with overseas homeowners sitting on £3.7bn worth of property, followed by Wandsworth (£3.3bn) and Camden (£3.2bn).
Outside of the capital, Buckinghamshire is home to the highest value of foreign-owned homes at £31.1bn, while Tandridge (£1.6bn), Liverpool (£1.4bn), Salford (£1.1bn) and Manchester (£1.1bn) also make the top 20 list.
As a result of the exchange rate and the dollar strengthening against the Pound, it had created a huge discount for foreign buyers.
For Example, if buying a property for £500,000 in January ’22 versus January ’23, a US, Hong Kong, or Saudi-based buyer would have saved £50,000.