Thread by @Andrewwood17

Overseas property ownership
This website has some fascinating analysis on the property market - each section I will tweet over coming week
builtplace.com/housing-market…
It shows address of owner of property in each Borough
Darker the colour the higher the overseas ownership rate is
1/

As a % of total properties Tower Hamlets with 9% is 3rd highest in the country after Westminster 17% & Kensington & Chelsea 15%
Most overseas buyers buy to rent them out or for family occupation, rarely left empty for long as not economic to do so
2/

A Reminder this is based on the address of the owner, not their citizenship
For example, where I live now my English father bought when working in the Libyan desert (in the oilfields) so the address then would have said Libya as where the owner resided
3/

But there is a clear pattern to recent land sales - mainly to Asian investors but also increasingly to people in Hong Kong who sadly now have very good reasons to buy property here (& are welcome)
There are a number of HK developers /investors now active in TH because of this
4/

And a reminder that new private sale apartments partially subsidise the delivery of new affordable homes
So a HK buyer is also paying to help build a property for somebody on the Council housing waiting list
It is one reason + £££ why so Council permit so much development here
5/

Here is comparison with other local authorities
This is total numbers not % so Liverpool (as very big) comes second & TH 3rd again
TH has seen year on year increases for 7 years now
Will it continue?
Treatment of HK by the Chinese Communist Party may drive future demand here
6/