Monday, April 12, 2021
International

Hong Kong buyers rush for property in UK

property in UK

Some people are investing in the UK’s BTL market, while others are preparing to move to the UK to live

There has been a significant rise in the number of people from Hong Kong buying property in the UK, according to estate agents.

Research shows that Hong Kongers became the fifth largest foreign investors in central London as of last August and have been driving up prices in some popular districts outside the capital.

Some people are investing in the UK’s buy-to-let (BTL) market, while others are preparing to move to the UK to live.

A visa scheme to allow Hong Kong residents to come to the UK opened almost four weeks ago, with some 300,000 people expected to apply.

The visa, which is open to holders of a British National (Overseas) passport and their immediate dependents, will offer a fast track to UK citizenship.

Those who apply and secure the visa will be able to apply for settlement after five years and then British citizenship after a further 12 months.

About 7,000 people from Hong Kong have already been allowed to settle in the UK since July, the Home Office said.

It’s become much more of a trend in the past six months or so, Guy Bradshaw, head of London Residential at Sotheby’s International Realty told Reuters. I’ve certainly been involved in a lot more conversations and Zoom calls with people in Hong Kong and funds in Hong Kong.

Marc von Grundherr, director at Benham and Reeves, said he has seen the same trend. He said: I’ve had a few clients come to us and say, ‘Look, my son or my friend is wanting to invest in property because they’re thinking about coming [to the UK], but they can’t afford to do it on their own or they want to buy something slightly different – is it okay with two or three or four of them buying together?

That’s a change. Obviously, you always had larger investment companies who bought large amounts of stock, but we’re talking not the very, very, very wealthy, von Grundherr said.

Important:

The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply

6 − two =