Proportion of overseas landlords in United Kingdom hits record low

Overseas Landlords Shun The UK, As Tax Changes Bite

The fall is most evident in London, where the proportion of overseas landlords has fallen from 26% to 11%.

One in 20 (5%) homes now let in Britain is owned by overseas landlords, according to the data from Countrywide, based on 90,000 homes it lets and manages every year.

The index includes a new feature entitled "index methodology" which outlines the average price of a new let in Britain rose by 1.1% year-on-year in June 2017 to stand at £950pcm.

The letting agency group claims the proportion of overseas-based landlords operating in Britain is now five per cent, down from 12 per cent in 2010.

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.

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The percentage of European-based investors has been slowly falling over time. Outside London, Europeans remain the biggest group of foreign landlords at 37%.

Across the country, London still has the biggest concentrations of overseas-based landlords, accounting for around one in 10, or 11%, of let homes there in 2017. In 2010, they made up 39% of overseas-based landlords in London, but now the proportion is 28%, according to its figures. London has always had the highest proportion, now 11%, followed by the South East at 5%. Scotland, Wales and the Midlands have the lowest at 3%.

The average overseas based landlord received 35 per cent more in rent past year than one living in the United Kingdom - a whopping £5.4 billion, which constitutes 11 per cent of all the rent paid by all of the private tenants in Britain.

The biggest fall in foreign ownership in London has been amongst Europeans. Over half the income earnt by overseas landlords came from rental homes in London.

Research Director at Countrywide, Johnny Morris, said: "The growth of the private rented sector since 2010 has not been driven by overseas investors". Overseas-based landlords have also seen the removal of capital gains tax exemptions in 2015. "A steady increase in foreign investors" tax bills combined with more recent falling expectations of price growth in London has led to a decline in foreign investment in buy to let, ' he pointed out.

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