Research conducted by lettings and estate agent Benham and Reeves highlights a growing trend of foreign homebuyers in England and Wales, with Hong Kong nationals continuing to dominate the market. The latest findings reveal a 2.6% annual increase in properties owned by overseas buyers, totalling 189,793 in 2024.
The analysis, derived from a Freedom of Information request to the Land Registry, underscores the persistent appeal of the UK property market to international investors. Hong Kong nationals alone held 25,972 homes this year, reflecting a year-on-year increase of 5.7%, and accounting for 13.7% of all foreign-owned properties.
Demand continues to rise
“Since the introduction of the British Nationals Overseas (BNO) visa in 2021, Hong Kongers have been the leading foreign buyers in the UK market,” stated Marc von Grundherr, Director of Benham and Reeves. He noted, “Demand remains strong and is growing year on year.”
Singaporeans ranked second, holding 15,635 properties (8.2%), followed by US nationals, who owned 12,405 homes (6.5%). Buyers from the UAE (5.8%) and China (5.2%) rounded out the top five. Interestingly, Chinese ownership saw a significant 12.9% increase in 2024, the highest growth rate among the top 20 nations.
Von Grundherr highlighted the evolving landscape, mentioning that political and economic factors also play a role. “The re-election of Trump in the US and rising geopolitical tensions in Gaza have contributed to a noticeable increase in demand from these regions,” he remarked.
A competitive global market
Other notable contributors include Ireland (4.9%), Australia (4.4%), and Kuwait (4.1%). Israel emerged as a new entrant in the top 20, replacing New Zealand, with a 6.6% annual growth in ownership – a clear indication of shifting global trends.
This surge in foreign interest emphasises the resilience of the UK property market despite challenges like rising interest rates and economic uncertainty. For landlords, these statistics present a positive outlook. A steady influx of international buyers can boost property values and create new rental opportunities, particularly in areas popular with expatriates.
Reflections for landlords and investors
The findings serve as a reminder of the UK market’s enduring global appeal. For landlords, the continued rise in foreign ownership signals strong demand for high-quality rental properties in key areas. The question remains: how can landlords adapt to maximise returns while accommodating the needs of an increasingly diverse tenant base?
As foreign investment grows, so too does the responsibility to balance economic gains with the long-term sustainability of the housing market. For now, one thing is clear – London and its surrounding areas will remain a hotspot for global property investment.