Property Values Of International Homebuyers Reach £90bn
Benham and Reeves reveals the most heated market regarding property demand from international homebuyers, with total values reaching £90bn across England and Wales.
Researchers at Benham and Reeves analysed the property market and the number of homes owned by international homeowners. They also researched the current market values across multiple areas and revealed the most heated property markets for overseas demand.
International Property Market – The Central Findings
According to the research, almost 250k properties across England and Wales belong to foreign homeowners. In the current market settings, the total value of such properties reaches a staggering £90bn.
On a regional level, it is little surprise London outperformed other areas regarding international property market activity. More than 85k properties in the capital belong to overseas homeowners, while total values reach £45bn.
As a result, 15 out of 20 best-performing areas regarding international property values across England and Wales are located within London.
International Property Market In London
The total value of homes of international buyers in Westminster and Kensington & Chelsea outperformed other areas by a significant margin.
Westminster ranked first, with foreign-owned home values reaching almost £12bn, while similar figures in Kensington and Chelsea hit just under £11bn.
Homes in Tower Hamlets came third: the total value of properties owned by international buyers reached £3.7bn. Wandsworth and Camden closed the top 5 areas with the highest values of foreign-owned homes.
Outside London, Buckinghamshire ranked first in the value of international-owned homes (£31bn). Tandridge (£1.6bn) and Liverpool closed the top 3.
Benham and Reeves confirm that not only local homeowners benefitted from the rising house prices over the past several months.
The values of properties owned by international buyers remain significant.
Despite London outperforming other areas regarding international property values, overseas demand is not confined to the boundaries of the capital. Foreign buyers remain a critical sector for the wider market across England and Wales.