International demand remains strong despite global market shifts
The number of foreign homeowners across prime areas of London has continued to grow over the past year, according to a new report from property brokerage Jefferies London.
The company’s analysis of the latest figures showed that overseas ownership across the capital rose by 3.9% annually, reaching close to 64,000 property titles linked to a non-UK correspondence address. In the prime central London market, the increase was higher, with foreign ownership up 4.7% year-on-year.
Westminster recorded the largest number of foreign-owned homes in prime central London, with 6,582 properties registered to overseas owners. It also saw the strongest annual growth among the key boroughs, with foreign ownership rising 6.4% over the year.
Kensington and Chelsea ranked second for the number of homes held by foreign nationals, with 4,002 titles registered abroad. However, its yearly growth of 2.8% was the smallest among the prime boroughs studied.
Hammersmith and Fulham posted the second largest increase in foreign ownership, rising by 4.4% compared to the previous year. The borough is also home to the third highest number of overseas-owned properties, at 2,987.
Both Camden and the City of London registered a 4.2% annual increase. However, the volume of foreign-owned homes differs significantly, with Camden recording 2,349 compared to 647 in the City.
Hong Kong nationals were the largest group among foreign homeowners in prime central London, accounting for 17% of all overseas ownership. Buyers from Singapore made up 9%, while Chinese and American owners each represented 7%. Nationals from the UAE held 6% of the market.
Separate research by Guernsey-based lender RAW Capital Partners shows that international demand for UK property is broader than often assumed. A survey of UK mortgage brokers found that 35% regularly serve non-UK clients, while 48% reported occasional dealings. Only 5% said they had no overseas clients.
“Prime central London has always been the jewel in the crown of the global property market and so, it’s no surprise that it continues to attract high-end buyers from all over the world, despite growing popularity for other emerging destinations such as Dubai,” said Damien Jefferies (pictured), founder of Jefferies London.
“While this interest has predominantly come from Asia, there are a range of nationalities that make up the fabric of prime London foreign homeownership, one of which is the United States and, with Trump now back in office, we expect this segment of the market to strengthen over the coming months.”
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