20% of New UK Buy-to-Let Businesses involve Foreign Landlords.
By the end of 2025 there were 443,272 registered buy-to-let companies in the UK holding more than 755,000 property titles in England and Wales.
Of these companies, a record 66,587 were formed in 2025 alone, a rise of 8% on 2024 and 363% more than in 2015.
Given that 20% of the new buy-to-let companies formed in the first half of 2025 had at least one non-UK national shareholder, it is expected that around 13,500 of the anticipated total 67,000 companies will be owned – in part, at least – by non-UK nationals. Of these, only 20% live abroad. The 80% majority of purchases by non-UK nationals therefore reflect domestic demand from settled migrants rather than purely overseas capital entering the housing market.
Why the growth in Limited Company Buy-to-Let?
Tax is primarily behind this rapid growth. The Conservative government removed full mortgage interest relief for individual landlords and replaced it with a basic rate tax credit. Limited company ownership became significantly more tax-efficient — attracting both domestic and international investors who can deduct mortgage interest as a business expense inside a company structure.
Limited Impact on demand of 2024 Stamp Duty Surcharge
Late in 2024, the UK raised the stamp duty surcharge on additional residential properties from 3% to 5%, partly to dampen demand from all buy-to-let investors, including foreign ones.
For corporate purchasers buying homes costing over £500,000, the higher rate was raised from 15% to 17%. These measures have so far not reversed the trend of increasing foreign participation in the limited company market.
It is noticeable from the figures below that Brexit has had a significant impact on the number of Europeans owning UK buy-to-let property. In 2016, the top ranks were held by Irish, Chinese, Indian and Western European nationalities.
Top 10 Nationalities of Foreign Buy-to-Let Company Owners (2025)
- Indian nationals — 684 new buy-to-let companies in H1 2025, making Indians the largest group of non-UK shareholders for the third consecutive year since 2023. Hillingdon had more new companies registered by Indian nationals than any other local authority in the country.
- Nigerian nationals — 647 new buy-to-let companies in H1 2025. Africans first entered the top 10 in 2020 and Nigerians have ranked second among non-UK shareholders every year since 2023, reflecting significant growth in West African investment in UK rental property.
- Polish nationals — 473 new buy-to-let companies in H1 2025. Polish nationals now represent a larger share of new shareholders than they did in 2016, bucking the overall trend of declining EU participation.
- Irish nationals — consistently ranked fourth in 2025, one of the few remaining English-speaking nationalities in the top five. In 2016, Irish, Americans, South Africans, and Australians all featured in the top 10; by 2025, only Irish nationals remained.
- Romanian nationals — 208 new buy-to-let companies in H1 2025, also representing a larger share than in 2016 and bucking the general retreat of EU nationals.
- Italian nationals — consistently feature in the top rankings alongside Polish and Irish nationals according to Hamptons’ data, with significant concentrations in London.
- Pakistani nationals — Pakistani shareholders made the top 10 of non-UK shareholders in 2025, reflecting growing South Asian participation in the limited company buy-to-let market.
8–10. The remaining top 10 positions are occupied by a mix of other nationalities. The overall composition has shifted markedly since 2016: EU nationals fell from 65% to 49% of all non-UK shareholders, with South Asian and African investors taking an increasingly prominent role. Among EU nationals, Eastern Europeans have grown while Western Europeans have contracted. London estate agents have also seen a noticeable increase in Turkish buyers.
Statistics above are largely drawn from ‘Statistics Today’ produced by Hamptons Estate Agents
Top Foreign Nationalities by Total Property Ownership (All Types, 2024)
Data for the following covers all property (not just buy-to-let) and comes from Land Registry titles held by individuals with overseas correspondence addresses.
- Hong Kong — 25,972 properties (13.7% of all foreign-owned property in England and Wales), the largest single group. Numbers grew 5.7% year-on-year, driven by the BNO visa scheme introduced in 2021.
- Singapore — 15,635 properties (8.2%)
- United States — 12,405 properties (6.5%), up 5.5% year-on-year
- UAE — 5.8% of all foreign-owned properties
- China — 5.2%, up 12.9% year-on-year — the largest annual increase of any nation in the top 20, overtaking Malaysia for the first time
- Malaysia — 5.1%
7–10. India, France, Australia, and Canada
Key Trends and Context
1 Inevitably, perhaps, non-UK nationals account for the largest share (27% in 2025) of buy-to-let company founders in London. Over half of new companies in Kensington and Chelsea (54%) and Hammersmith and Fulham (51%) were owned by non-UK nationals.
2 The most dramatic growth is happening outside London. Between 2016 and 2025, foreign ownership has more than doubled in the East Midlands, West Midlands, and Scotland.
3 Runnymede in Surrey now has the highest share of new companies owned by non-UK nationals at 59%, according to Hamptons.