The latest research by the leading high-net-worth mortgage broker, Enness Global Mortgages, has revealed that Portugal isn’t just popular amongst the UK population as a potential green list holiday destination, but it also ranks top where house prices are concerned..
Enness Global analysed sold price records from the Land Registry over the last year looking specifically at streets containing the name of another nation. The analysis of over 500 transactions found as many as 50 different foreign country road names, with properties found on these roads selling for an average of £246,500. However, for homebuyers looking for a Portuguese inspired property, the cost of homeownership is far higher with homes commanding £1.5m on average along roads with Portugal in the name.
Hungary also proved popular with sold prices averaging £970,000, while Morocco (£760k), Lebanon (£504k) and Cuba (£474k) also ranked amongst the most expensive. Other nations to feature in the top 10 included Finland (£440k), Grenada (£418k), Nigeria (£393k), Bhutan (£380k) and Kenya (£360k).
Not every foreign nation makes for a desirable piece of UK bricks and mortar though. With sold prices averaging just £72,475, road names containing China are the most affordable. Uganda (£77k) also came in below the £80,000 mark, while France (£81k) also ranks as one of the lowest where sold prices are concerned.
Managing Director of Enness Global Mortgages, Hugh Wade-Jones, commented:
“Who would have thought the UK is home to such a range of road names with an international flavour? As is often the case across the property market, the value of property along these international road names can differ drastically, with a difference of £1.4m between the best and worst-performing. Who knows, perhaps it’s international buyers pushing prices up in the most expensive, keen to maintain a little slice of home when moving to the UK.”
|Table shows the median sold price across road names containing a different nation|
|Nation||Median sold price (last 12 months)|
|Data sourced from the Land Registry Sold Price Records – Apr 2020 to Mar 2021 (latest available)|