Research from Skipton International, the bank which specialises in UK buy-to-let mortgages for expats and non-UK resident applicants, has revealed which residents of overseas countries are currently buying the most UK property for rentals.
The firm analysed its latest available data on the number of mortgage applications currently within its mortgage pipeline and the research shows that applications from Hong Kong residents have doubled since the beginning of the year, with noticeable increases also seen from the UAE and Singapore.
Interestingly, as of this month (July 2022), the value of Hong Kong applications is higher than the whole of Skipton’s UK mortgage pipeline as of August 2017.
Add this to recent research from London lettings and estate agent, Benham and Reeves, which revealed the value of foreign owned homes by individuals currently stands at £90.7bn across England and Wales, it shows that around a quarter of a million UK homes are owned by overseas buyers.
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. 15 of the top 20 areas are located within the London area.
Roger Hughes, business development manager at Skipton International, said: “It’s not just domestic homeowners who have benefitted from rising house prices in recent years.
“The value of homes owned by overseas buyers has risen too and our records show that there remains considerable interest in purchasing UK property for rental purposes from all corners of the globe.
“While London is currently topping the list of foreign owned properties, it’s certainly not confined to the boundaries of the capital alone, we are seeing interest from overseas buyers looking to purchase property across the depth and breadth of England, Wales and Scotland.”
