Frances McDonald, director of research at Savills, says: “The fundamentals of what attracts residents to central London remain strong; business, connectivity, tourism and education.
"Therefore, demand has continued to be more robust than perhaps many had expected."
Who is buying?
Statistics from Benham & Reeves show that, of the top 10 countries represented by London titles registered to individuals with an overseas correspondence address, Hong Kong, Singapore and China lead the pack in terms of the number of buyers.
Hong Kong tops the table, with nearly 11,800 London property titles belonging to people either domiciled in, or living in, Hong Kong.
Director of Benham and Reeves, Marc von Grundherr, comments: “London remains one of the most sought after cities for Asian buyers and this is unlikely to change anytime soon.
"The UK property market is one of the most consistent on the global stage. We also have an incredibly strong rental market, which adds great appeal to those looking to invest with a view of renting out their property."
There are 62,256 homes registered to overseas owners across London, based on Property Register data, and this number has climbed by more than 3,000 in the past year alone.
Von Grundherr adds: "Chinese buyers are also driving the increase seen in international homeownership across London, with a 22 per cent annual increase in numbers.
"Other cities that are proving popular among Asian investors include Manchester, Birmingham and Liverpool.
"However, even in cooler market conditions, the stronger values found within the London market ensure that investors are largely protected from any notable reductions in the value of their portfolio.”
London - titles registered to individuals with an overseas correspondence address
| Country | Titles - Jan 2023 | % of all London properties |
| Hong Kong | 11,792 | 18.9% |
| Singapore | 8,814 | 14.2% |
| China | 5,702 | 9.2% |
| United States Of America | 3,460 | 5.6% |
| Malaysia | 3,415 | 5.5% |
| United Arab Emirates | 3,286 | 5.3% |
| Australia | 1,809 | 2.9% |
| Saudi Arabia | 1,728 | 2.8% |
| Ireland | 1,664 | 2.7% |
| Italy | 1,332 | 2.1% |
| London (all nations) total | 62,256 | 100.0% |
Source: Benham & Reeves
If one looks more granularly at just the top 10 Asian nations in terms of ownership of properties in London, countries such as Taiwan, Thailand and Japan start to appear, with overseas title holders in their hundreds.
However, while other Asian countries are represented in the table (below), Macao, Philippines, Vietnam and the Republic of Korea represent just a tiny percentage of Asian property owners in the UK's capital.
London: Titles registered to individuals with an overseas correspondence address in Asian countries
| Country | Titles - Jan 2023 | % of all London properties |
| Hong Kong | 11,792 | 18.9% |
| Singapore | 8,814 | 14.2% |
| China | 5,702 | 9.2% |
| Malaysia | 3,415 | 5.5% |
| Thailand | 403 | 0.6% |
| Japan | 323 | 0.5% |
| Taiwan | 261 | 0.4% |
| Indonesia | 95 | 0.2% |
| Macao | 82 | 0.1% |
| Philippines | 79 | 0.1% |
| Vietnam | 44 | 0.1% |
| Republic of Korea | 37 | 0.1% |
| London (all nations) total | 62,256 | 100.0% |
Source: Benham & Reeves
Butterfield's Bhakta thinks the trend towards Asian buyers taking up more of London's big-ticket properties is likely to continue.
She says London's prime property market has "long been a magnet for investors and high net-worth individuals", and acknowledges that Asia has become a significant source of PCL buyers.
She says: "In recent years, the weakness of the pound against other global currencies has supported international demand for London’s real estate, allowing Asian and other overseas buyers to purchase at a lower relative cost.
