The proportion of overseas-based landlords across Britain has fallen to the lowest levels seen by a lettings network in at least seven years.

Dampened expectations for house price growth in London, combined with landlords’ tax bills, could be putting some overseas investors off, the research suggests.

One in 20 (5%) homes currently let in Britain is owned by overseas landlords, according to the data from Countrywide, based on 90,000 homes it lets and manages every year. This is the lowest proportion in its records going back to 2010, when overseas landlords owned one in eight (12%) let properties.