Singapore nationals come next, with 15,725 Singapore-owned homes valued at an estimated £7.2 billion
London lettings and estate agent, Benham and Reeves, submitted a Freedom of Information request to the Land Registry to find out the number of properties across each area of England and Wales with the title registered to an overseas correspondence address, before looking at the projected total value of these houses based on the nationality of ownership and the average house price in each local authority district.
The research reveals that Hong Kongers own the most valuable homes portfolio of all foreign nationals.
With around 24,759 Hong Kong-owned homes across England and Wales, and based on present market values, their property portfolio is worth an estimated £10.8 billion today.
Singapore nationals come next, with 15,725 Singapore-owned homes valued at an estimated £7.2 billion.
The US comes third on the list, with American-owned homes estimated to be worth £5.1 billion in today’s market, while the UAE and China complete the top five at an estimated £4.6 billion and £4.2 billion respectively.
At an estimated £4 billion in market value, Malaysian homeowners are just outside the top five in terms of the most valuable property portfolios across England and Wales.
Homeowners from Kuwait (£3.6 billion), Ireland (£3.3 billion), Australia (£3.1 billion) and Saudi Arabia (3.1 billion) complete the top 10.
Director of Benham and Reeves, Marc von Grundherr, said that foreign-owned homes are worth an astounding £78.8 billion in today’s market and it is Hong Kong homeowners who account for the biggest proportion of market activity in this respect.
This stands to reason as we have seen a huge appetite from Hong Kong buyers in recent years, driven by the British National Overseas Visa which permits them to live, work and study within the UK, he said.
He said: Of course, while this diverse range of overseas nationals forms a vital part of our domestic property market, it is vital 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.