There has been a rise in the number of homes across Britain being let by international landlords, new research has found.
The proportion of homes let by overseas-based landlords rose to 11% during the first ten months of 2019, up from 7% during the same period last year. Hamptons International Monthly Lettings Index showed that the East of England (+8%), London (+8%), South East (+7%) and North West (+7%) has seen the biggest increase in the proportion of homes let by non-UK based investors.
In total, 18% of London’s private rental properties are let by overseas-based landlords – the highest proportion of any region across Great Britain.
Hamptons International stated that the depreciation of sterling had been a major factor in driving up the number of international investors buying UK properties. For example, for buyers using the US dollar, the average home in Great Britain now costs £53,065, or 23%, less than it did in 2014.
“The proportion of homes let by overseas based landlords rose for the first time in more than nine years,” said Aneisha Beveridge, Head of Research at Hamptons International.
“Sterling’s depreciation has made investment property in Great Britain more attractive to international investors. The average home cost 23% or £53,065 less than in 2014 for a US dollar buyer, solely due to the currency changes.”
Source: Property Wire