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At present, Hong Kong and Jersey national buyers have the largest property footprints in London’s market. This information comes from new research by Benham and Reeves. The property market analysis by the agent looks at which part of the international market is more widespread in each borough. In addition, they look at multiple cities outside the capital.
The research
The data looks at the number of residential property titles that are registered to foreign nationals in every borough. Then, it breaks the figure down by nationality. It did so to reveal which nations had the biggest presence in every pocket of the market.
In terms of who accounts for the biggest proportion of homes registered to overseas addresses, buyers from Hong Kong came out on top. They did so in 17 boroughs. The next most prevalent individuals in the London market were Jersey nationals. They had the most properties in boroughs like Hillingdon.
Other parts of the country
If you look outside of London, Hong Kong nationals also came out on top in many areas. They made up the greatest percentage of foreign-registered houses in Liverpool, Manchester, Leeds, and Birmingham. As for Irish nationals, they were top of the table in Nottingham and Sheffield. Jersey had top spot in Bristol and Newcastle.
The director of Benham and Reeves had comments to make as well. He said that international homeowners account for a major part of the UK property market. Also, London in particular had a hard time because the pandemic led to demand drops thanks to travel restrictions. However, foreign buyers helped to keep the market buoyant.
All you have to do is examine the myriad of nationalities that have the biggest presences in every London borough. By doing this, you will see just how critical this collection of homeowners is to the market. This is particularly true with Hong Kong purchasers. They have made massive investments in the UK market since buy-to-let’s launch in the 90s.
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