The most recent analysis by London lettings and property agent, Benham and Reeves, has revealed that Hong Kong owners personal essentially the most precious property portfolio throughout England and Wales, price an estimated £10.8bn in present market circumstances.
Benham and Reeves submitted a Freedom of Info request to the Land Registry to establish the variety of properties throughout every space of England and Wales with the title registered to an abroad correspondence tackle, earlier than trying on the estimated whole worth of those houses primarily based on the nationality of possession and the typical home worth in every native authority district.
The analysis exhibits that Hong Kongers preside over essentially the most precious bricks and mortar portfolio of all overseas nationals.
With some 24,759 Hong Kong owned houses throughout England and Wales, and primarily based on present market values, their property portfolio is price an estimated £10.8bn right now.
Singapore nationals rank second on this respect, with 15,725 Singapore owned houses valued at an estimated £7.2bn.
America of America locations third, with American owned houses estimated to be price £5.1bn in right now’s market, whereas the UAE and China full the highest 5 at an estimated £4.6bn and £4.2bn respectively.
At an estimated £4bn in market worth, Malaysian owners sit simply exterior the highest 5 with regards to essentially the most precious property portfolios throughout England and Wales.
Householders from Kuwait (£3.6bn), Eire (£3.3bn), Australia (£3.1bn) and Saudi Arabia (3.1bn) full the highest 10.
Director of Benham and Reeves, Marc von Grundherr stated, “Overseas owned houses are price a staggering £78.8bn in right now’s market and it’s Hong Kong owners who account for the biggest proportion of market exercise on this respect.
This stands to cause as we’ve seen an enormous urge for food from Hong Kong patrons lately, pushed by the British Nationwide Abroad Visa which permits them to dwell, work and research throughout the UK.
In fact, whereas this various vary of abroad nationals types an essential a part of our home property market, it’s essential to notice that they continue to be a drop within the ocean of whole market exercise and worth, which actually places the may of the UK property market into perspective.”