Overseas homeowners are currently sitting on £90.7bn worth of property in England and Wales, research from Benham and Reeves has revealed.
Analysis by the lettings and estate agent showed there are an estimated 247,016 homes in England and Wales owned by individuals with an overseas correspondence address.
Benham and Reeves analysed data on the current market value of these homes owned by individuals with an overseas correspondence address, to reveal where foreign buyers accounted for the largest total value of homes owned.
England was revealed to be home to 241,711 homes owned by homeowners from abroad, worth £89.6bn of the total. On a regional basis, London is home to the highest value of foreign owned homes, with the 85,451 properties here belonging to overseas homeowners equating to a total value of £45.3bn.
The South East of England is the area with the next most overseas homeowners at 40,738 properties worth a combined £15.6m, with the the North West in third with 36,602 properties worth a combined £7.6m.
Benham and Reeves director, Marc von Grundherr, commented: “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.”
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