Big-spending buyers from the U.A.E. and the U.S. are leading high-end international property purchases in the U.K., according to a report released Wednesday in the U.K. from Enness Global.
The two nations account for the highest number of mortgage deals being secured by foreign buyers across the U.K.’s prime housing market, the high-net-worth mortgage broker said.
Buyers from the U.A.E. have been responsible for 35% of all international transactions through Enness to date in 2020, and the U.S. follows, accounting for 14% of all deals.
Buyers from Australia (9%), Cyprus (5%), Germany (5%) and Saudi Arabia (5%) join the ranks as some of the most prominent investors.
”Despite the obvious restrictions that have caused additional hurdles for many international buyers so far this year, we’ve seen a pretty diverse range of nations continuing to commit to a purchase at the top-end of the U.K. market,” Hugh Wade-Jones, managing director of Enness Global, said in the report.
Though international demand had somewhat wavered in the face of Brexit and the coronavirus pandemic, “we’ve seen an uplift in demand from the international circuit of late as the domestic market has once again found its feet,” he said.
The report did not include last year’s data for comparison.
While buyers from the U.A.E. are the most prevalent in the market, shoppers from Malaysia are bagging the most-valuable homes.
The typical home bought by Malaysian buyers obtaining a mortgage through Enness was worth an average of £5.1 million (US$6.59 million), according to the report.
Once again, buyers from the U.S. ranked second, purchasing homes worth an average of £3.6 million.
Unsurprisingly, the two also top the table for the highest loan amounts, borrowing an average of £3.57 million and £2.94 million per transaction, respectively.