UK Property Investment Continues to be a Safe Haven for Overseas Investors
Published by Magnate Assets on
Feb 15, 2023
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.