Enness: Increase in global buyers returning to top tiers of the market

The latest research from high-net worth mortgage broker Enness Global has revealed the most prominent nationalities borrowing at the top end of the market. Their analysis showed, with UK buyers aside, that the market has seen the highest level of activity from American, Australian, Russian, French and Indian buyers.

There has also reportedly been a considerable amount of activity from buyers in India, Italy, Germany the UAE, China and Nigeria.

Despite ranking as the sixth most prominent market on an annual basis at Enness Global, activity from buyers in Hong Kong has been “muted” so far this year.

Hugh Wade-Jones, managing director of Enness Global Mortgages, said: “The ongoing turbulence caused by the situation in Hong Kong is likely to force the hand of many buyers at all tiers of the market over the coming months. As a result, we should see the nation continue to account for a large proportion of top-end market activity throughout the course of this year.”

Enness’ data has shown a 44% increase in the total sum being borrowed at the top end between the first and second quarters of this year. High-net worth borrowing in Q1 totalled nearly £1.3bn however, with the property market re-opening in Q2, the total sum borrowing jumped to more than £1.8bn for the quarter.

Wade-Jones added: “We’ve not only seen a notable increase in the number of buyers returning to the top tiers of the market, but the sums they’re committing to borrowing have also increased during the second quarter.

“This bodes very well for the remainder of the year and for the health of the overall market in the UK, in particular.

“Of course, we’re yet to reach the same levels seen this time last year, but that’s to be expected given the wider context of COVID-19.

“Despite this, we expect to see the market continue to stabilise as transacting remains the aim for many, especially while the mortgage rates on offer continue to be very favourable.”