Non-domiciled foreigners living in the UK are preparing to sell their homes amid concerns about the government’s tax changes. Financial Times
Residential property agents are reporting a surge in new instructions from owners, particularly in London. While few want to sell immediately, many are keen to ensure their valuations are up to date to allow a swift disposal if necessary.
Foreign buyers have been a key driver of sales in the high end property market in Central London locations such as Knightsbridge and Mayfair, and have supported prices over the past year.
The prospect that this source of demand could disappear is causing concern in the industry. 'There are signs that this could lead to an exodus of these sorts of people from the market,' said Noel Flint, partner at Knight Frank’s Knightsbridge office. 'We are definitely being called in to give advice on property. They don’t necessarily want to sell but they are preparing themselves for the worst.'
Flint said such home owners were typically weighing up between London and rival cities such as Monaco, Dubai or Geneva. He added that some were also asking for advice on letting their properties, rather than selling, if they had to leave the country.