Offshore firms snap up UK property
In the last 15 years properties across England and Wales have been snapped up by overseas firms, pushing up prices across the country.
In the London street of Lancaster Gate 149 properties are owned by firms based in tax havens, the Mail reported. The value of these properties is £563 million. Homes in this area can sell for more than £20 million each.
A similar number of homes in Eaton Place are also owned overseas, with a combined worth of £390 million.
However, there are signs that the London property bubble is causing overseas investors and offshore firms to look elsewhere. Your Mortgage reported last week how buyers were now looking outside of the capital.
In total 35,922 have been registered since 2000 with the Land Registry, the body which monitors all property transactions in England and Wales. These firms have completed a total of 96,440 property deals in this period.
The Office for National Statistics said 73% of these deals were for residential properties. It said many of these properties were now held by firms located in the Cayman Islands and the British Virgin Islands.
Outside of the capital, Bristol saw the most properties sold overseas. In the city’s BS1 postcode a total of 146 properties worth £248 million. Cardiff, Maidenhead, Canterbury and Preston completed the top five locations.