London Ready to Re-Open

The number of overseas landlords owning property in the UK has hit 184,000, a five-year high. The total has risen by 19% from the 154,000 recorded in 2016, according to latest analysis.

Despite predictions to the contrary, Brexit doesn’t appear to have deterred interest from other countries, said the firm. Instead, favourable exchange rates and the stamp duty holiday have spurred many into action, with the UK’s education system remaining one of the key draws.

The 2% stamp duty surcharge is unlikely to dent the appeal for long-term investors, suggests the agency, which also joins many others in flagging up rising numbers of Hong Kong buyers on the back of the new path to citizenship announced by the UK government last year.

Fears that Brexit might dampen the appeal of UK property amongst overseas investors have been unfounded, with the number of overseas landlords reaching a record high.

Many canny investors took advantage of the temporary drop in Sterling’s value to purchase properties in the UK and benefited from both an increase in property prices and a recovery in sterling.

Investments by overseas landlords into UK buy-to-let properties has ensured that there has been a steady stream of capital into that sector, which has kept the quality of rental stock far higher than would have been the case with these investors.