New findings by lettings and estate agent Benham and Reeves show the highest value of homes owned by overseas buyers.
An analysis of the latest data on overseas correspondence addresses and the current market value of the homes was conducted to reveal where foreign buyers accounted for the highest value of properties owned.
Across England and Wales, nearly a quarter of a million homes are owned by overseas buyers. This totals more than £90.7 billion worth of property.
Regions with the most foreign homeowners
The research shows that with the 85,451 properties belonging to overseas homeowners equating to a total value of £45.3bn, London has the highest value of foreign-owned homes.
15 of the top 20 areas in England and Wales where the total value of foreign-owned homes are located within the capital.
Westminster and Kensington and Chelsea have some of the highest values. Westminster has a current market value of £11.8 billion, while Kensington and Chelsea reached £10.7 billion.
In third place is Tower Hamlets with overseas homeowners £3.7 billion worth of property, Wandsworth is in fourth place at £3.3bilion and Camden is in fifth place at £3.2 billion.
Locations outside of the capital that are home to the highest value of foreign-owned homes include Buckinghamshireat £31.1 billion, while Tandridge (£1.6 billion) and Liverpool (£1.4 billion)
Director of Benham and Reeves, Marc von Grundherr, concludes: “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.”