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Foreign homeowners sitting on £90.7bn worth of property in England and Wales

Foreign Homeowners SittingResearch from London lettings and estate agent, Benham and Reeves, has revealed which areas of the property market are home to the highest value of homes owned by overseas homeowners, with the total market value of foreign owned homes currently standing at £90.7bn across England and Wales.

Benham and Reeves analysed the latest available data on the number of homes owned by individuals with an overseas correspondence address, along with the current market value of these homes in each respective area of the nation, to reveal where foreign buyers accounted for the largest total value of homes owned.

The research shows that across England and Wales, just shy of a quarter of a million homes are owned by overseas buyers. In the current market, that’s over a staggering £90.7bn worth of property.

On a regional basis, London is home to the highest value of foreign owned homes, with the 85,451 properties belonging to overseas homeowners equating to a total value of £45.3bn.

Hardly surprising then, that where the total value of foreign owned homes is concerned, 15 of the top 20 areas of England and Wales are located within the capital.

The value of foreign owned homes in Westminster and Kensington and Chelsea eclipses the rest of the market by some margin.

Westminster ranks top, with foreign owned homes commanding a current market value of £11.8bn, while in Kensington and Chelsea this total sits at £10.7bn.

Tower Hamlets ranks third, although some way off the top two, with overseas homeowners sitting on £3.7bn worth of property, followed by Wandsworth (£3.3bn) and Camden (£3.2bn).

Outside of the capital, Buckinghamshire is home to the highest value of foreign owned homes at £31.1bn, while Tandridge (£1.6bn), Liverpool (£1.4bn), Salford (£1.1bn) and Manchester (£1.1bn) also make the top 20 list.

Director of Benham and Reeves, 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.”

Tables show the current market value of homes owned by individuals with an overseas correspondence address, based on the number of foreign owned homes multiplied by the current average house price in each area
Location Est overseas ownership Current average house price Est value of overseas ownership
London 85,451 £529,829 £45,274,383,536
South East 40,738 £382,791 £15,594,130,999
North West 36,602 £208,867 £7,644,950,955
East of England 18,919 £344,943 £6,525,975,773
South West 16,000 £318,610 £5,097,767,002
Yorkshire and The Humber 14,046 £201,806 £2,834,566,643
West Midlands region 11,699 £242,145 £2,832,853,516
East Midlands 11,562 £237,904 £2,750,643,915
Wales 5,305 £211,990 £1,124,608,154
North East 6,694 £155,215 £1,039,008,959
England 241,711 N/A £89,594,281,299
England and Wales 247,016 N/A £90,718,889,453
Tables show the areas with the highest market value of foreign owned homes in England and Wales
Location Est overseas ownership Current average house price Est value of overseas ownership
City of Westminster 12,104 £977,554 £11,832,310,687
Kensington and Chelsea 7,073 £1,513,711 £10,706,481,348
Tower Hamlets 7,547 £499,716 £3,771,355,637
Wandsworth 5,110 £641,132 £3,276,184,444
Camden 3,666 £874,081 £3,204,379,272
Buckinghamshire 6,609 £469,167 £3,100,726,497
Hammersmith and Fulham 3,533 £721,185 £2,547,945,904
Hounslow 4,923 £428,483 £2,109,420,007
Southwark 3,796 £527,636 £2,002,906,773
Lambeth 3,483 £545,756 £1,900,867,452
Islington 2,618 £712,968 £1,866,550,552
Tandridge 3,014 £532,776 £1,605,786,494
Barnet 2,579 £596,898 £1,539,400,418
Hackney 2,494 £607,030 £1,513,932,887
Bromley 2,915 £495,550 £1,444,527,882
Liverpool 7,925 £174,890 £1,386,005,176
Newham 3,045 £407,474 £1,240,759,405
City of London 1,378 £838,145 £1,154,964,140
Salford 5,294 £213,065 £1,127,963,511
Manchester 4,793 £221,485 £1,061,577,978
Tables show the areas with the lowest market value of foreign owned homes in England and Wales
Location Est overseas ownership Current average house price Est value of overseas ownership
Merthyr Tydfil 44 £147,341 £6,483,016
Blaenau Gwent 75 £131,596 £9,869,683
Bolsover 64 £169,572 £10,852,632
Copeland 99 £139,995 £13,859,467
Torfaen 77 £192,358 £14,811,541
Boston 80 £196,946 £15,755,710
Oadby and Wigston 62 £281,948 £17,480,754
Tamworth 87 £228,611 £19,889,120
Nuneaton and Bedworth 92 £219,778 £20,219,548
Barrow-in-Furness 140 £147,099 £20,593,879
Mansfield 127 £169,226 £21,491,688
Redditch 87 £258,459 £22,485,965
Staffordshire Moorlands 104 £217,004 £22,568,371
Melton 81 £278,927 £22,593,073
Chesterfield 131 £190,086 £24,901,324
Carlisle 160 £156,531 £25,044,911
Cannock Chase 120 £213,270 £25,592,387
South Derbyshire 113 £236,163 £26,686,370
Harlow 84 £324,563 £27,263,253
West Lindsey 126 £217,705 £27,430,867
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Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 19 prominently located branches and 8 international offices.

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