Hong Kong homeowners hold the most valuable property portfolio of all foreign nationals

Hong Kong homeowners have been found to own the most valuable property portfolio across England and Wales, worth an estimated £10.8bn in current market conditions.

Related topics:  Property,  homeownership,  foreign
Property | Reporter
3rd August 2023
prime london house home
"Foreign-owned homes are worth a staggering £78.8bn in today’s market and it’s Hong Kong homeowners who account for the largest proportion of market activity in this respect"

London lettings and estate agent, Benham and Reeves, submitted a Freedom of Information request to the Land Registry to ascertain the number of properties across each area of England and Wales with the title registered to an overseas correspondence address, before looking at the estimated total value of these homes based on the nationality of ownership and the average house price in each local authority district.

The research shows that Hong Kongers preside over the most valuable bricks-and-mortar portfolio of all foreign nationals.

With some 24,759 Hong Kong-owned homes across England and Wales, and based on current market values, their property portfolio is worth an estimated £10.8bn today.

Singapore nationals rank second in this respect, with 15,725 Singapore-owned homes valued at an estimated £7.2bn.

The United States of America places third, with American-owned homes estimated to be worth £5.1bn in today’s market, while the UAE and China complete the top five at an estimated £4.6bn and £4.2bn respectively.

At an estimated £4bn in market value, Malaysian homeowners sit just outside the top five when it comes to the most valuable property portfolios across England and Wales.

Homeowners from Kuwait (£3.6bn), Ireland (£3.3bn), Australia (£3.1bn) and Saudi Arabia (3.1bn) complete the top 10.

Director of Benham and Reeves, Marc von Grundherr, commented: “Foreign-owned homes are worth a staggering £78.8bn in today’s market and it’s Hong Kong homeowners who account for the largest proportion of market activity in this respect.

"This stands to reason as we’ve seen a huge appetite from Hong Kong buyers in recent years, driven by the British National Overseas Visa which allows them to live, work and study within the UK.

"Of course, while this diverse range of overseas nationals forms an important part of our domestic property market, it’s important to note that they remain a drop in the ocean of total market activity and value, which really puts the might of the UK property market into perspective.”

More like this
Latest from Financial Reporter
Latest from Protection Reporter
CLOSE
Subscribe
to our newsletter

Join a community of over 20,000 landlords and property specialists and keep up-to-date with industry news and upcoming events via our newsletter.