Ownership of properties in England and Wales by non-UK citizens has tripled since 2010 from 88,000 to nearly 250,000, according to new analysis by the Centre for Public Data.
Over 247,000 residential properties across England and Wales are now registered to individuals with an overseas correspondence address, nearly 1% of all registered titles compared to 0.4% in 2010.
The data was obtained from HM Land Registry on the number of property titles owned by individuals with an overseas correspondence address.
Three-quarters are registered to individuals with addresses in just 20 countries, with the main groups being the Crown dependencies and British Overseas Territories, namely Jersey, Guernsey, Isle of Man and the British Virgin Islands, and also South-East Asia and the Middle East, and English-speaking countries.
This is borne out by the current statistics from Skipton International, who, in addition to the local market, also specialise in mortgages for the UK Buy-To-Let market. In October alone 39% of Hong Kong residents finalised their mortgage completion for UK rental properties with the bank. Singapore and the USA also featured heavily.
The growth in titles registered in Northern cities like Liverpool, Manchester, Newcastle and Leeds has also been notable, particularly since 2016.
Skipton’s Mortgage Sales Manager, Lorraine McLean (pictured), commented: “The UK is viewed by many as a solid, stable jurisdiction and many global investors are looking to the UK residential market. In 2019 we extended our UK mortgage proposition to include applications from non-UK Nationals overseas, but we are now seeing steadily increasing activity from not only British Expats, but also other nationalities.”