Research by lettings and sales agency Benham and Reeves shows that Hong Kong nationals are still the most dominant when it comes to foreign activity across the property market in England and Wales.
Benham and Reeves submitted a freedom of information request to the Land Registry to ascertain the number of titles registered to individuals with an overseas correspondence address across the market in England and Wales, as well as the country of origin for these foreign buyers.
The research shows that some 189,793 properties in England and Wales are owned by foreign buyers in 2024, a 2.6% increase versus 2023.
When it comes to the most active foreign nations within the market, Hong Kongers remain top of the table. In 2024, Hong Kong Nationals held 25,972 homes across the capital, equating to 13.7% of all homes owned by foreign buyers, up from 13.3% in 2023, with the total number of Hong Kong owners increasing by 5.7% year on year – the third largest year on year increase of all nations in the top 20.
Homeowners from Singapore accounted for the second largest proportion of the market, with 15,635 property titles equating to 8.2% of all homes owned by a foreign national in 2024.
The third most prominent nation was the United States, with 12,405 homes owned across England and Wales in 2024, an increase of 5.5% year on year, accounting for 6.5% of all foreign owners.
The UAE was the fourth most prevalent foreign nation (5.8%), whilst China completes the top five (5.2%), overtaking Malaysia (5.1%). China previously ranked at number six in 2023, however, there has been a 12.9% increase in total homes owned year on year by Chinese nationals – the largest annual increase of all nations in the top 20.
Ireland (4.9%), Australia (4.4%), Kuwait (4.1%), and France (3.6%) complete the top ten.
Israel is the only new entry within the wider top 20 when compared to 2023, coming in at number 20 and replacing New Zealand, with a 6.6% increase in total property numbers in 2024 versus 2023 – the second largest year on year increase of all nations in the top 20.
Director of Benham and Reeves, Marc von Grundherr, comments: “Hong Kongers remain by far the most dominant nation and this has largely been the case since the launch of the British Nationals Overseas Visa in 2021. In fact, we’ve seen the overall proportion of market activity accounted for by Hong Kong nationals increase in the last year alone, which demonstrates that demand is not only strong, but it’s growing stronger by the year.
“There are other factors influencing foreign demand for London bricks and mortar, with more buyers from the United States entering the market following the re-election of Trump, whilst Israel has also entered the top 20 following the heightening of the conflict in Gaza.”