Record London Rents Lure Overseas Landlords to House Market
- Brexit-driven pound weakness gives buyers more for their money
- 12 percent of London homes are now owned by foreign landlords
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The U.K.’s struggle to secure a favorable Brexit deal may be giving Prime Minister Theresa May a headache, but it’s making London’s battered buy-to-let market attractive overseas again.
Foreign-based landlords owned 12 percent of the homes rented out in the capital at the end of the first half, up from 7 percent last year, according to a report by Hamptons International. A falling pound has made it cheaper for overseas investors to buy homes using their local currencies, and many have been lured by a red-hot rental market that’s still at record levels.