More than one in seven (13%) buyers purchasing properties in the UK are using funds from overseas to fund all or part of their purchase, research suggests.
Anti-money laundering platform Thirdfort gatered data from its Source of Funds verification tool, used 20,000 times per month, to get an idea of where money for property purchases is coming from.
The data shows that the top five jurisdictions where funds are coming from include the USA, Hong Kong, India, Italy and France.
Olly Thornton-Berry, co-founder and managing director at Thirdfort, said this underlines the importance of having effective anti-money laundering (AML) processes
He said: “Our data shows that one in seven buyers purchasing property in the UK are using funds from overseas.
“While funds coming from overseas do not necessarily indicate money laundering, property professionals may need to undertake enhanced due diligence and request additional evidence to support the transactions and ensure they meet their regulatory requirements.”
Data from Thirdfort’s Source of Funds tool also shows that fewer than 2% of purchases use funds from jurisdictions that appear on the Financial Action Task Force’s (FATF) list of High-Risk Third Countries, with the most common countries including Turkey, Argentina, South Africa, Vietnam and Nigeria.
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Where do you drag this information from? Having sold hundreds of properties over the last 12 months I have come across only 2 with funds coming from overseas. Maybe some other areas have 80% to balance it but I find that highly improbable.
Where do you drag this information from? Having sold hundreds of properties over the last 12 months I have come across only 2 with funds coming from overseas. Maybe some other areas have 80% to balance it but I find that highly improbable.
I am based in London and over half my sales are with overseas buyers
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