Hong Kongers the wealthiest UK property owners
Hong Kong homeowners own the most valuable property portfolio across England and Wales, worth an estimated £10.8bn in current market conditions, research by London agent Benham and Reeves has revealed.
There are 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.
Marc von Grundherr, director of Benham and Reeves, said: “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.”
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.
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.