Overseas nationals own almost 250,000 homes across England and Wales, the latest research by London lettings and estate agents Benham and Reeves shows.
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 the 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.
Director of Benham and Reeves, Marc von Grundherr, commented: “It’s not just domestic homeowners who have benefited from some extreme rates of house price appreciation in recent years and despite attempts to deter foreign interest, the value of homes owned by overseas buyers remains considerable, to say the least.
“While London is home to the highest concentration of foreign owned property market wealth, it’s certainly not confined to the boundaries of the capital alone, and overseas buyers remain an important segment of the market across England and Wales.”
|Tables show the current market value of homes owned by individuals with an overseas correspondence address, based on the number of foreign owned homes multiplied by the current average house price in each area|
|Location||Est overseas ownership||Current average house price||Est value of overseas ownership|
|East of England||18,919||£344,943||£6,525,975,773|
|Yorkshire and The Humber||14,046||£201,806||£2,834,566,643|
|West Midlands region||11,699||£242,145||£2,832,853,516|
|England and Wales||247,016||N/A||£90,718,889,453|
Before leaving Chiswick for York 2.5 years ago, I watched as every spare space along the River, into and beyond the City, was filled with high-rise, expensive apartments, marketed to Far East investors. Most of them remain empty, appreciating in value, and avoiding tax.
Rather than punishing UK-based landlords who are providing an essential service, these non-doms should be an easy target for significant taxation… and they can’t fight back. To start, I would increase council tax at least 6-fold.
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