Hong Kong consumers dominate overseas possession of houses in England & Wales

The newest analysis by London lettings and property agent, Benham and Reeves, reveals that Hong Kong consumers stay probably the most distinguished overseas nationwide homeowners of property throughout the residential market in England & Wales.

Benham and Reeves submitted a Freedom of Data request to the Land Registry to establish the 50 most distinguished overseas nations represented amongst particular person residential property homeowners in England & Wales, and what number of properties they personal. 

The info reveals that consumers from the 50 most represented overseas nations amongst homeowners of houses in England & Wales mix to personal 187,275 properties. 

Hong Kong consumers most distinguished nation

Consumers from Hong Kong personal the most important proportion of those properties, with 24,759 houses representing 13.2% of the aforementioned complete.

Consumers from Singapore personal 15,752 properties, or 8.4% of the whole; whereas consumers from the U.S account for six.4%. 

Consumers from the UAE account for five.7% of the whole, whereas consumers from Eire (5.3%), Malaysia (5.2%), China (4.6%), Australia (4.4%), Kuwait (4.3%), and France (3.7%) are additionally strongly represented on the nationwide housing market. 

Improve in overseas purchaser numbers

These figures come after the whole variety of properties owned by consumers from the highest 50 overseas nations elevated by 3.8% between January 2022 and January 2023.

Possession for Chinese language consumers has elevated probably the most up to now 12 months, rising by 18.8% to personal 8,736 properties.

Hong Kong nationals have elevated their presence by 11.6% since 2022; and Israeli consumers have elevated their footprint on the nationwide housing market by 9.8%. 

Vital will increase have additionally been recorded amongst consumers from Gibraltar (6.7%), Austria (6.7%), Turkey (6.7%), Egypt (6.3%), Norway (5.1%), Germany (4.8%), and Sweden (4.7%).

Among the many high 50 most represented nations on England & Wales’ housing market, three have really seen their possession proportion decline up to now 12 months. 

Consumers from Eire now personal -3.5% much less property, consumers from Taiwan have diminished possession by -3.3%, and Russian consumers now personal -0.5% much less property than they did at the beginning of 2022. 

Director of Benham and Reeves, Marc von Grundherr stated, “It’s no secret that England & Wales is a massively enticing marketplace for abroad property consumers, with London being a very fascinating location. The steadiness of our property market provides reliably a worthwhile area for funding consumers, and our nation, with its wealthy historical past and tradition, has lengthy held nice attraction for individuals trying to purchase outdoors of their dwelling nations. 

Many consultants believed that Brexit would lead to there being fewer abroad homeowners as entry to the EU was diminished and the anticipated financial struggles eliminated a few of the profitability of investing in our nice nation. Our unique analysis reveals that none of this has come to fruition and that, actually, our market has solely turn into extra fashionable. 

Whereas this reputation isn’t restricted to at least one single nation, it’s actually being pushed by Hong Kong consumers who proceed to be probably the most distinguished overseas nation’s working inside our bricks and mortar market. 

That is actually no new development and Benham and Reeves has had an area Hong Kong workplace since 1995, serving to those that wish to buy in England and Wales. Nonetheless, it’s honest to say that our group of consultants in Hong Kong have by no means been busier and we anticipate this to stay the case going ahead.”