The Express newspaper has reported that wealthy Russians own property valued at nearly half a billion pounds in England and Wales, a year and a half after Russia’s invasion of Ukraine.
A Freedom of Information request to the Land Registry submitted by London estate agents Benham and Reeves showed that £477,094,829’s worth of property in England and Wales is currently registered to correspondence addresses in Russia.
The total was arrived at by looking at the estimated value of the homes based on the average house price in each local authority district.
Of 1,095 properties, all but four are in the hands of private individuals, with four owned by companies.
Director of Benham and Reeves, Marc von Grundherr, said: “…it’s clear that Russian appetites for UK real estate have been largely unwavering.”
According to Benham and Reeves’ analysis, people living in Hong Kong hold the most valuable property portfolio, comprising 24,749 homes worth £10.8billion.
Singapore is next, with 15,725 homes worth £7.2billion, while USA citizens own 11,964 homes worth £5.1billion.
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