The research from Benham and Reeves shows that across England and Wales, just short of a quarter of a million homes are owned by overseas buyers
The total market value of foreign-owned homes in England and Wales currently stands at £90.7 billion, research from Benham and Reeves shows.
The study uncovered which areas of the property market are home to the highest value of homes owned by overseas homeowners.
It looked at the latest available data on the number of homes owned by individuals with an overseas correspondence address, along with the current market value of these homes in each respective area of the nation.
The research shows that across England and Wales, just short of a quarter of a million homes are owned by overseas buyers. In the current market, that’s over a staggering £90.7 billion worth of property.
On a regional basis, London is home to the highest value of foreign-owned homes, with the 85,451 properties belonging to overseas homeowners equating to a total value of £45.3 billion.
It comes as no surprise then, that where the total value of foreign-owned homes is concerned, 15 of the top 20 areas of England and Wales are located within the capital.
The value of foreign-owned homes in Westminster and Kensington and Chelsea eclipses the rest of the market by some margin.
Westminster ranks top, with foreign-owned homes commanding a current market value of £11.8 billion, while in Kensington and Chelsea this total sits at £10.7 billion.
Tower Hamlets ranks third, although some way off the top two, with overseas homeowners sitting on £3.7 billion worth of property, followed by Wandsworth (£3.3 billion) and Camden (£3.2 billion).
Outside of the capital, Buckinghamshire is home to the highest value of foreign-owned homes at £31.1 billion, while Tandridge (£1.6 billion), Liverpool (£1.4 billion), Salford (£1.1 billion) and Manchester (£1.1 billion) also make the top 20 list.
Marc von Grundherr, director of Benham and Reeves, comments: It’s not just domestic homeowners who have benefited from some extreme rates of house price appreciation in recent years and despite attempts to deter foreign interest, the value of homes owned by overseas buyers remains considerable, to say the least.
He said: While London is home to the highest concentration of foreign-owned property market wealth, it’s certainly not confined to the boundaries of the capital alone, and overseas buyers remain an important segment of the market across England and Wales.
