Overseas landlords are moving out of the U.K. property market in search of pastures greener, according to new research which suggests the number of international investors who own property in the U.K. has fallen to a new low.
Just 5 percent of British homes now have overseas owners, down more than half from the 12 percent seen seven years ago, the research released Monday by real estate firm Countrywide showed.
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.
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.
The fall in sterling following Britain's 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.