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The number of foreign landlords holding UK real estate hit the highest in five years.

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If the latest figures highlighting the number of foreign landlords owning real estate in the UK are going to pass, Brexit hasn’t curbed investments in the UK real estate market.

According to the most recent data, this figure was the highest in five years, 184,000, with 154,000 foreign landlords, up 19% over five years,

Residential real estate market expert Ludlowthompson suggests that many foreign investors took advantage of the decline in the Sterling value between EU referendums and Brexit transactions to add their portfolios. Favorable exchange rates meant that foreign buyers could get more with their money and open the market to a wider pool of investors.

Despite tax changes, including a 2% stamp duty surcharge that increases the cost of offshore investors, UK real estate will remain attractive long-term investment prospects for investors in many offshore jurisdictions.

The UK real estate market has traditionally been resilient in times of economic uncertainty, and the structural shortage of real estate has led to relatively strong rental yields.

The number of buyers in Hong Kong for UK real estate has increased in recent years. This is expected to increase after the launch of a new visa for passport holders outside the UK to Hong Kong.

The reputation of British schools and universities has also helped the real estate market. Many foreign landlords who have purchased real estate have done so to provide accommodation for their children studying in the UK.

Overseas landlords benefited from stamp duty vacation, allowing buyers to save £15,000 on real estate up to £500,000. The public holiday will run until June 30th, after which stamp duty will be reintroduced on properties worth £250,000 and will apply to properties over £125,000 from September 30th. Overseas landlords benefited from vacation, but starting April 1, they will have to pay a 2% stamp duty surcharge on their real estate investments.

Stephen Ludlow, chairman of ludlowthompson, said, “The fear that Brexit could weaken UK real estate attractiveness among foreign investors is unfounded and the number of foreign landlords is at an all-time high.”

“Many Canny investors took advantage of Sterling’s temporary decline to buy real estate in the UK and benefited from rising property prices and a recovery in the British pound.”

“The investments of foreign landlords in UK purchased real estate ensured a steady flow of capital into the sector, which maintained a much higher quality of rental stocks than those of these investors.”

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