Hong Kong buyers and investors have been looking to regional cities in the north-west of England
Hong Kong buyers and investors continue to view UK property as a safe haven. Many are looking to regional cities, such as Manchester and Liverpool, for value beyond the capital.
Throughout 2020, overseas buyers have been driving housing market activity in the UK, and Hong Kong buyers and investors have been looking beyond London to regional cities in the north-west of England.
In the past six months, 42% of overseas property exhibitions in Hong Kong featured the UK, according to a recent article in Bloomberg. This is more than any other country, and the number of exhibitions highlighting the UK has soared since 2019. During 2020, one in three of the UK exhibitions feature property in Manchester.
London has long been the traditional destination for Hong Kong buyers and investors. Nowadays, in Hong Kong, there are advertisements in newspapers and on billboards for residential developments across the north-west.
Cheaper house prices are a big draw to purchasing property in this region of the UK. Buyers can get more for their money. Property in Manchester and Liverpool is becoming particularly popular among overseas buyers and investors, especially those based in Hong Kong.
Data from Hometrack’s latest UK House Price Index shows property gets dramatically cheaper outside of the south. With the average property price of London sitting at £476,700, Manchester boasts an average property price much lower at £175,600. Liverpool provides even more value with the average house price at £123,900.
The north-west has a strong housing market, which is continuing to see prices and rental yields rise. Manchester has even been named one of the best places to invest in buy-to-let property during the stamp duty holiday and has been leading the UK’s house price growth in recent years.
With a particularly strong rental market, Liverpool is regularly home to some of the highest yields in the UK for buy-to-let investors. Liverpool and Manchester also have strong economies, in addition to a range of employment opportunities and investment and regeneration projects in the pipeline, making the two cities especially appealing to purchase property in.
