World Media

Level of overseas landlords in United Kingdom hits record lows

Level of overseas landlords in United Kingdom hits record lows

London has experienced the most profound growth, with one in ten properties let by an overseas landlord.

The most recent report from Countrywide has revealed that the number of overseas-based landlords in the United Kingdom has slumped to a record low in 2017.

The decline is most evident in London where ownership of property by overseas landlords has fallen from 26 per cent in 2010 to just 11 per cent; analysis from Countrywide shows.

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Countrywide says the rapid growth in the size of the private rental sector in recent years is not down to a surge of foreign investors, and insists the proportion of landlords from overseas has in fact halved since 2010. In 2010, they made up 39% of overseas-based landlords in London, but now the proportion is 28%, according to its figures.

The dramatic decline in investment by overseas buyers is most extreme in London.

But now overseas landlords have been put off by higher tax bills and lower expectations of house price growth in the capital, which until recently had boomed for several years.

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The percentage of European-based investors has been slowly falling over time.

The proportion of overseas based landlords has fallen in every region. London still has the largest percentage, followed by the South East (5%). Scotland, Wales and the Midlands have the lowest - three per cent.

Moreover, overseas landlords earned 35% more in rent in 2016 than those living in the United Kingdom, with a total of £5.4bn earned in rent over the last 12 months. They earnt £5.4billion in rent over the last 12 months, 11% of the £50.6billion paid by private tenants in Britain. Falls in London were off-set by higher growth across the rest of the country. Over half of this income came from rental homes in London, the estate agents found. The fall in the capital was driven by lower rents in the outer areas of London as the ripple effect from falling rents in central London continues, ' said Johnny Morris, research director at Countrywide.

Major cyberattacks of the future as costly as natural disasters
Lloyd's of London is warning a significant cyber attack could cause more damage to the global economy more than a major natural disaster.

Tax changes introduced in recent years include capital gains tax payable in Britain, higher rates of stamp duty on the purchase of property, and ongoing annual taxes levied on properties owned via overseas companies.


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