Buy-to-Leave: A New Trend Among London's Ultra-High-Net-Worth Individuals
Recent changes to UK tax policies have led to a new real estate trend, "buy-to-leave", among ultra-high-net-worth individuals (UHNWs) who are leaving London but intend to return.
The buy-to-let strategy, once popular in the UK, has become less appealing since the tax legislation changes in 2017. However, the latest tax policy changes have prompted a new approach: buying properties with the intention of leaving them empty.
Many former non-doms and other wealthy individuals who have chosen to "leave" the country are selling their homes.
- Research by Beauchamp Estates found that around 70% of sellers of £15 million-plus homes in London this year were non-doms moving to destinations such as Dubai, Milan, and Monaco.
Author's summary: UHNWs adopt "buy-to-leave" strategy in London due to tax policy changes.