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Offshore firms snap up UK property

by: Adam Williams
  • 24/08/2015
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Properties worth more than £150bn are now owned by firms based offshore, including 149 homes on a single London street.

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 Daily Mail reported. The value of these properties is £563m. Homes in this area can sell for more than £20m each.

A similar number of homes in Eaton Place are also owned overseas, with a combined worth of £390m.

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 are starting to look outside the capital.

In total 35,922 firms have been registered since 2000 with the Land Registry, the body which records title to 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 £248m. Cardiff, Maidenhead, Canterbury and Preston completed the top five locations.

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