A new UCL-led study published in Environment and Planning B shows that overseas ownership of English and Welsh property has shifted notably over the past decade.
Single-property ownership by offshore entities fell by 17 per cent between 2015 and 2025, from about 36,000 units to 30,000, while investment in multi-property holdings rose by 8 per cent, from roughly 66,000 to 71,000 units. Overall, overseas ownership remained relatively stable at around 1.2 per cent to 1.4 per cent of all residential titles.
Researchers used an algorithm to clean and analyse the government’s overseas ownership dataset, which was difficult to use due to inconsistent formatting and mixed sources. Their analysis revealed changes in location, property type, value, and ownership structure, with London still dominating the market: it accounts for 45 per cent of overseas-owned titles and 81per cent of their value. Westminster and Kensington & Chelsea alone make up 50 per cent of the total invested value across England and Wales.
The study found a broad move away from ultra-luxury detached homes towards flats and apartment blocks. Although the total estimated value of overseas-owned residential property rose from £64 billion to £80 billion, average property values fell relative to the national average, suggesting a shift toward less expensive assets.
The British Virgin Islands, Guernsey, Jersey, and the Isle of Man remain the biggest offshore ownership hubs, though the BVI’s share has declined as transparency rules have tightened.
“Our research has been able to unlock this dataset and turn it into the powerful accountability tool it was meant to be.”
The researchers also identified unusual patterns they dubbed “the Guernsey Bump” and “the Mauritius Cliff,” both linked to policy changes. They conclude that greater transparency and tax enforcement are reducing speculation and hiding of wealth in the UK housing market.
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