{"id":6079,"date":"2017-09-04T03:46:50","date_gmt":"2017-09-04T03:46:50","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/foreign-landlords-shun-uk-property-market-after-tax-hikes\/"},"modified":"2017-09-04T03:46:50","modified_gmt":"2017-09-04T03:46:50","slug":"foreign-landlords-shun-uk-property-market-after-tax-hikes","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/foreign-landlords-shun-uk-property-market-after-tax-hikes\/","title":{"rendered":"Foreign landlords shun UK property market after tax hikes"},"content":{"rendered":"<p><\/p>\n<div id=\"\">\n<div id=\"attachment_404886\" class=\"wp-caption alignnone\" readability=\"35\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011.jpg?resize=800%2C450&#038;ssl=1\" data-lazy-src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/plugins\/ventra-lazy-load\/images\/1x1.trans.gif?ssl=1\" data-lazy-srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011.jpg 1280w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-974x548.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-600x338.jpg 600w\" class=\"size-full wp-image-404886 lazyload\" alt=\"\" width=\"800\" height=\"450\" sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><noscript><img data-recalc-dims=\"1\" decoding=\"async\" class=\"size-full wp-image-404886 lazyload\" src=\"https:\/\/i0.wp.com\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011.jpg?resize=800%2C450&#038;ssl=1\" alt=\"\" width=\"800\" height=\"450\" srcset=\"https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011.jpg 1280w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-640x360.jpg 640w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-1062x598.jpg 1062w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-320x180.jpg 320w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-281x158.jpg 281w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-562x316.jpg 562w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-531x299.jpg 531w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-487x274.jpg 487w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-974x548.jpg 974w,https:\/\/guardian.ng\/wp-content\/uploads\/2017\/09\/london-houses-property-pr-011-600x338.jpg 600w\" sizes=\"(max-width: 1280px) 100vw, 1280px\"\/><\/noscript><\/p>\n<p class=\"wp-caption-text\">Just five per cent of British homes now have overseas owners, down more than half from the 12 percent seen seven years ago, the research released by <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">real estate<\/a> firm Countrywide showed.<\/p>\n<\/div>\n<p>Overseas landlords are moving out of the U.K. property market in search of greener pastures, according to new research which suggests the number of international investors who own property in Britain has fallen to a new low.<\/p>\n<p>Just five per cent of British homes now have overseas owners, down more than half from the 12 percent seen seven years ago, the research released by real estate firm Countrywide showed.<\/p>\n<p>Of the 90,000 properties studied, the fall was most pronounced in London, where the proportion of foreign landlords fell from 26 percent in 2010 to 11 percent this year.<\/p>\n<p>The investor demographic in London has also shifted since the start of the decade. Asians now constitute the largest investor segment in the capital, while the number of European owners has dropped from 39 percent to 28 percent over the past seven years.<\/p>\n<p>According to CNBC International, the fall in sterling following Britain\u2019s Brexit vote last June could have been expected to buoy overseas buyers but increased economic and political uncertainty and a more punitive tax landscape in the U.K. is thought to have dampened sentiment.<\/p>\n<p>Last April, investors were slapped with a 3 percent stamp duty (tax levy) surcharge on the purchase of second properties. This meant that landlords purchasing a London apartment costing an average of \u00a3518,511 ($677,442), based on 2016 <a href=\"https:\/\/amazingproperty.com.ng\/blog\/rightmove-home-search-uk\/\">Rightmove<\/a> estimates, had to pay a further \u00a331,481 in tax, rather than the previous \u00a315,926.<\/p>\n<p>A separate tax on companies buying property in the U.K., known as the Annual Tax on Enveloped Dwellings, pushed up costs further by between \u00a33,500 and \u00a37,000.<\/p>\n<p>\u201cA steady increase in foreign investors\u2019 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,\u201d said Johnny Morris, research director at Countrywide.<\/p>\n<p>New research also released by <a href=\"https:\/\/amazingproperty.com.ng\/blog\/nigeria-property-center\/\">property search<\/a> website Rightmove suggests that house sales have picked up in the year since the Brexit vote but price increases have been limited, rising by an average of just \u00a3300 in the month from June to July.<\/p>\n<p>\u201cIt\u2019s great to see government\u2019s tax changes for buy to let landlords beginning to work,\u201d Reuben Young, policy and communications officer at PricedOut, a campaign body for affordable <a href=\"https:\/\/amazingproperty.com.ng\/blog\/sell-your-home-online-fast\/\">housing<\/a>, told CNBC via email.<\/p>\n<p>\u201cLandlords buying homes \u2013 both foreign and native \u2013 consistently outbid first-time buyers before the changes started to take effect. Now we\u2019re seeing rents beginning to stabilize.\u201d<\/p>\n<p>The U.K. government has also been rolling out a number of initiatives aimed at deterring overseas investors, who are often accused of driving up prices, and assisting first-time buyers. This includes a scheme unveiled last week in Manchester, one of the country\u2019s most expensive cities, which gives preference to buyers living and working in the city.<\/p>\n<p>However, would-be homeowners continue to face an uphill battle from British-based investors, whose numbers have continued to tick up in recent years to outpace their overseas counterparts, Countrywide found.<\/p>\n<\/div>\n<p><a hre=\"https:\/\/guardian.ng\/property\/foreign-landlords-shun-uk-property-market-after-tax-hikes\/\"> Guardian <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Just five per cent of British homes now have overseas owners, down more than half from the 12 percent seen seven years ago, the research released by real estate firm Countrywide showed. Overseas landlords are moving out of the U.K. property market in search of greener pastures, according to new research which suggests the number [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6080,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1403,15239,523,9697,12908,543,627,127,617,207,202,489,344,289,1007,41,140,84],"class_list":["post-6079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-buy","tag-chase","tag-country","tag-foreign-investors","tag-home","tag-home-buying-guide","tag-homeowners","tag-homes","tag-house","tag-house-sale","tag-house-sales","tag-houses","tag-housing","tag-landlord","tag-owners","tag-property","tag-property-market","tag-real-estate"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":5378,"url":"https:\/\/amazingproperty.com.ng\/blog\/foreign-u-s-home-sales-shatter-records\/","url_meta":{"origin":6079,"position":0},"title":"Foreign U.S. Home Sales Shatter Records","author":"Amazing Property","date":"July 19, 2017","format":false,"excerpt":"Foreign investment in U.S. real estate has surged to a new high, with property expenditures skyrocketing 49 percent over the past year, according to the National Association of REALTORS\u00ae\u2019 2017 Profile of International Activity in U.S. Residential Real Estate. 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