The proportion of let properties in the UK owned by overseas landlords is at its lowest in almost a decade, new figures show.
The proportion of homes let by international landlords in Great Britain has dropped sharply from 14.4% in the first half of 2010 to 5.8% in the first 11 months of 2018, according to Hamptons International’s latest letting index.
Every region recorded a fall in foreign-based landlords, but London has seen the most significant decline with the proportion of homes let by an overseas based landlord falling 15.5% since 2010 to reach one in ten (10.5%) of homes let so far this year, down from just over a quarter (26%) of homes let in London in 2010.
However, London still has the highest proportion of homes let by an international based landlord than in any other region.
Elsewhere, the proportion of overseas based landlords has fallen 10% in the South East since 2010, followed by the North East (-6%) and East Midlands (-6%).
Proportion of homes let by an overseas based landlord:
|
Great Britain
|
London
|
2010
|
14.4%
|
26.0%
|
2011
|
13.0%
|
23.5%
|
2012
|
11.5%
|
21.1%
|
2013
|
10.6%
|
19.6%
|
2014
|
10.5%
|
20.2%
|
2015
|
8.8%
|
16.6%
|
2016
|
7.9%
|
15.2%
|
2017
|
7.8%
|
14.7%
|
2018 (Jan-Nov)
|
5.8%
|
10.5%
|
Source: Hamptons International
Outside the capital, Yorkshire & the Humber has the highest proportion of homes let by an overseas based landlord (6.7%), but this region has only seen a -4% fall in overseas based landlords since 2010.
Proportion of overseas based landlords by region:
Region
|
Proportion of overseas based landlords (2018)
|
Change since 2010
|
Change since 2016
|
London
|
10.5%
|
-15%
|
-5%
|
Yorkshire and the Humber
|
6.7%
|
-4%
|
0%
|
South East
|
6.1%
|
-10%
|
-3%
|
Scotland
|
6.1%
|
-5%
|
-2%
|
South West
|
5.6%
|
-5%
|
-1%
|
East
|
5.6%
|
-3%
|
-2%
|
North West
|
5.4%
|
-3%
|
-1%
|
North East
|
5.3%
|
-6%
|
-2%
|
West Midlands
|
4.4%
|
-2%
|
-2%
|
East Midlands
|
3.5%
|
-6%
|
-1%
|
Wales
|
3.3%
|
-3%
|
-3%
|
Source: Hamptons International
Western Europeans make up the biggest group of overseas based landlords (34%), followed by Asian (20%) and North American (13%). However, since 2010 the proportion of Western European based landlords has fallen by -2.1%, compensated for by a pickup in Asian landlords (+2.1%). Middle Eastern based landlords have also risen by 1.4% since 2010 and now account for 11% of overseas based landlords
Where overseas based landlords come from (2018)
|
Proportion of overseas based landlords
|
Change since 2010
|
Western Europe
|
34%
|
-2.1%
|
Asia
|
20%
|
2.1%
|
North America
|
13%
|
0.0%
|
Oceania
|
12%
|
0.5%
|
Middle East
|
11%
|
1.4%
|
Africa
|
7%
|
-1.2%
|
South America
|
3%
|
-0.9%
|
Eastern Europe
|
1%
|
0.1%
|
Source: Hamptons International
The average cost of a new let in Great Britain rose 1.1% year-on-year in November to stand at £968 pcm. Every region in Great Britain recorded a rise in average rents, but the East of England saw the strongest growth (2.9%), followed by Scotland (2.5%) and Wales (1.9%). Meanwhile Greater London saw the slowest rental growth, with rents rising 0.1% year-on-year.
New lets (pcm)
Region
|
Nov-18
|
Nov-17
|
YoY
|
East of England
|
£ 958
|
£ 931
|
2.9%
|
Greater London
|
£ 1,704
|
£ 1,702
|
0.1%
|
Inner London
|
£ 2,612
|
£ 2,582
|
1.2%
|
Outer London
|
£ 1,532
|
£ 1,535
|
-0.2%
|
Scotland
|
£ 663
|
£ 647
|
2.5%
|
South East England
|
£ 1,034
|
£ 1,021
|
1.2%
|
South West England
|
£ 801
|
£ 787
|
1.7%
|
Wales
|
£ 658
|
£ 646
|
1.9%
|
Midlands
|
£ 685
|
£ 676
|
1.3%
|
North
|
£ 639
|
£ 629
|
1.5%
|
Great Britain
|
£ 968
|
£ 958
|
1.1%
|
Source: Hamptons International
Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.
Join the conversation
Jump to latest comment and add your reply
Not a bad thing is it, absentee landlords on the decrease.
Please login to comment