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BNO Applications to Drive UK Property Demand in 2021?

With Hong Kong residents with BNO status able to apply for a new British visa from January 31st, will this correlate with an increase in demand for UK homes?

  • From 5pm local time on Sunday 31st January, Hong Kong citizens with British National Overseas (BNO) status can apply online for the new UK visa scheme
  • The new visa will allow people to reside in the UK and, after five years, be able to apply for permanent settled status
  • With UK property already one of the most popular overseas investments for Hong Kong nationals, is there likely to be an increased focus on British property for permanent residency in 2021 and beyond?

Following its announcement in 2020, applications for the new British National Overseas (BNO) visas have now opened online.

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From 31st January, any of the near three million BNO passport holders in Hong Kong, in addition to their immediate dependents, can apply for the visa from the UK Home Office.

The new arrangements will also allow for a staggered relocation. One parent will be able to remain in Hong Kong to continue working, while the other can move with their dependents to the UK.

Naturally, anyone moving to the UK will need a place to live. And, as one of Hong Kong’s most popular overseas investments, will this now lead to increased in UK property in 2021 and in the coming years?

UK property has long been renowned for its strength and resilience, particularly during times of wider uncertainty. In 2020, amidst the backdrop of the global pandemic and Brexit negotiations, average property price growth in the UK hit a new six-year high.

For Hong Kong residents in particular, the UK has also been a popular investment destination if their children are studying at a UK university, providing a place for them to live.

London is traditionally a hotspot for Hong Kong-based investment, but in recent years the strength of the property markets in regional cities – places such as Manchester and Birmingham – has also prompted increased focus in these sectors, too.

Source: Select Property

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UK named top hotspot for property investment by overseas investors

Overseas investors ranked the UK as the best residential property investment hotspot for 2021. What makes investing in UK property so appealing?

For a number of years, the UK property market has been a prime target for overseas investors, and this has continued at strong levels. Property investors from Asia, Europe and the US have particularly seen UK property as a solid investment choice in the past few years.

Recently, the UK was even named the top global property investment hotspot in a survey by international law firm DLA Piper. Of the 500 high-net-worth investors and asset managers surveyed, 33% said they wish to invest in UK property during 2021.

Investors headquartered in China and the US ranked the UK as the best for residential property investment. And investors in the UK, Germany, France, Spain and Italy named the UK the third best place for property investment.

Olaf Schmidt from DLA Piper comments: “The UK remains an attractive market for investment also post-Brexit which should provide confirmation and reassurance that the UK is a vital hub for activity and growth.”

Investors continue to be optimistic

Despite uncertainty still surrounding the global COVID-19 pandemic, investors remain optimistic about property investment. DLA Piper’s survey revealed more than half of respondents feel positive about the outlook of the European property investment market. Additionally, only 11% feel negative.

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Investors also shared why they remain so optimistic. The most common reasons stated were because of high demand and a shortfall in supply, strong yields and attractive prices.

Additionally, another recent study revealed nearly half of buy-to-let investors in the UK are remaining positive about the year ahead. According to Property Master, only 10% plan to exit the sector in 2021. And nearly 70% said they are not planning to sell their properties.

UK property market remains appealing

Foreign buyers and investors have been snapping up property across the UK before the additional 2% stamp duty surcharge comes into effect for overseas-based investors in April. However, many feel the stamp duty surcharge will unlikely deter overseas buyers in the future.

The fall in sterling, low mortgage rates and the UK’s strong property market will more than make up for this additional tax. The sector has strong long-term prospects for capital appreciation and increasing rental demand. And many overseas investors view the UK property market as a safe haven.

Additionally, interest from Hong Kong buyers and investors is set to surge with a new special visa opening to British National Overseas passport holders in Hong Kong on 31st January. This will likely lead to a significant number of Hong Kong residents emigrating to the UK and investing in property.

Throughout 2021, overseas and foreign investors are expected to continue investing in UK property at strong levels. In recent years, the UK property market has remained robust even during political and economic unease. Because of the sector’s resilience, overseas investors will continue snapping up UK property, even with the continued uncertainty of COVID-19.

Source: Buy Association

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Overseas buyers to take advantage of covid and Brexit discounts

Overseas property buyers could look to get a bargain this year, owing to potential savings caused by the pandemic and Brexit, said Fabrik Invest.

Investors are expected to mainly come from the Middle East, Hong Kong and South Africa.

Dale Anderson, managing director, Fabrik Invest, said: “The UK remains a promising and active market for fully managed buy-to-let properties.

“The country has a fundamental lack of supply and that’s unlikely to change; we simply can’t build homes fast enough.

“For overseas investors, Brexit actually presents potential for savings, as currency exchange rates fluctuate.

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“Add to that the fact that Covid is bringing about opportunities such as discounted deals and suddenly 2021 is shaping up to be a huge year for the buy-to-let sector.”

Interest rates remaining at the historic low of 0.1% is also favourable for overseas investors.

Anderson added: “With borrowing rates at a record low, now is an excellent time to invest in property.

“The government is printing another £150 billion due to the pandemic – a move that will catch up with it eventually.

“It carries with it the potential for the currency to devalue and inflation to rise, meaning that tangible assets such as bricks and mortar carry an even more reassuring degree of safety than usual.”

BY RYAN BEMBRIDGE

Source: Property Wire

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2021 UK Property Market Outlook for Overseas Investors

Generally, the UK is considered to be a very good place for Property Investors seeking buy to let properties, but changes to regulations and the property market can affect whether it is the right time to buy UK property. Covid-19 and Brexit have had a big impact on the UK economy and the property market, so if you are a British Expat or Foreign Investor looking to buy property in the UK, you should find this information useful.

Are UK Property Prices Good Value?

Following the outbreak of Covid-19 the UK property market has experienced a big shift in house prices, with the market bouncing back after the UK’s first lockdown and reaching a record high for house prices. Indeed, UK House Prices grew at their fastest rate since 2015 in November and indeed this trend is expected to continue with a very promising start expected for beginning of 2021.

Of course, high prices are not ideal for property investors, however property experts are predicting prices to reduce over coming months. One significant factor in this will be that the stamp duty holiday introduced by the UK government will expire in March 2021.

When compared to other countries, the UK has a very good rental market, with a lot of demand for renting property. Interestingly, one of the big trends that emerged from post-lockdown property searches was that more people were looking to move away from the city, to quieter areas with more space.

Investment Opportunities for Overseas Landlords

From a property investment perspective, if people are moving out of the city and looking to buy property in the suburbs, this will potentially mean that more properties close to the city centres will go up for sale. Usually, these are the areas that property investors are looking to rent out, either for students attending the local universities or young professionals who work in the city. So, this could mean that once the house prices settle, more houses in the types of areas that are perfect for landlords would be available at good value.

The other big factor that will affect the UK property market is that mortgage lending criteria has become stricter due to the economic situation, which means those people who might have been looking to buy their own property might have to rent until the economy becomes more stable again. This of course, means that there are further opportunities for landlords, with rental demand remaining high for the foreseeable future.

Unemployment rates have been increasing throughout 2020 due to the health pandemic and the job market is looking increasingly challenging, especially with the government’s furlough scheme due to end in March, at which time companies may be forced to make redundancies. So, it is going to be harder for a lot of people to get their own residential mortgage than it would have been a year ago, before the impact of Covid-19 took hold.

Is a UK Property Crash Likely?

Initially, a lot of property experts were expecting a significant crash after the mini boom after lockdown, when sales started to go through again. The introduction of the stamp duty holiday has helped the property market to stay buoyant, with lots of sales going through but when the stamp duty holiday ends, sales are likely to slow down at this point.

However, with the Covid-19 vaccine having started to be rolled out, there is a more positive expectation for the property market for 2021 and beyond, so investing now should not see any drastic house value crashes. Property investment is most successful for those looking for long-term investments, so as long as there is the demand to live in rented properties, buying investment property in the UK is still very attractive opportunity right now.

Student Housing Demand

Landlords, and potential landlords, have been wary about the impact of Covid-19 on students applying courses and living in student housing. Perhaps surprisingly, there was an increase in the number of UCAS applications for undergraduate courses for the academic year of 2020/21.

When universities re-opened in September and October, the UK news was filled with updates regarding the high numbers of Covid-19 infections throughout the student population. Many students also complained about paying course fees when much of their course had to be delivered online.

Universities have been worrying about the impact on applications for the next academic year but with the vaccine expected to be available for the majority of the UK population before the new term, this should give students confidence in the university experience they will receive in the next academic year.

Another interesting factor regarding student applications is that there was a 9% increase in international student applications in 2020, as announced by UCAS. So, student applications were actually at an all-time high, despite the UK lockdown and with so many foreign students looking to study at UK universities, demand for student accommodation should remain high.

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The impact of Brexit on students

There was a noticeable drop in EU undergraduates for 2020-21, which was largely attributed to the uncertainty of Brexit. As of 1 January 2021, students from the EU will require a study visa to attend a university in the UK, which could result in lower numbers of students coming from the EU this academic year. However, the numbers of students coming from China, India, the US, Hong Kong, Malaysia and many other non-EU countries has been rising in recent years.

This gives confidence to Overseas Landlords & Property Investors who are looking at renting property out to students and now that the vaccine has started to be rolled out to the UK population and also around the world, this should provide additional confidence that there will be a lot of demand for student accommodation for the foreseeable future. The UK remains a very attractive option for international students, with many UK universities having very good reputations around the world.

Demand for UK Rental Properties

We mentioned earlier that stricter lending criteria will be a barrier for many people who were hoping to get onto the property ladder in the near future. The UK mortgage industry had to adapt quickly to take into account the impact of furlough arrangements, where potential borrowers had their salary reduced by 20%.

Mortgage Lenders adjusted their criteria to manage the risks of furloughed workers not being able to afford their mortgage payments and also to try and mitigate the risk of many furloughed workers later being made redundant. 

Mortgage lenders have also had to provide payment holidays to their current mortgage holders, as directed to do by the government, so lenders have had a lot of new challenges to face in 2020 and are constantly working on setting out the best approach to lending criteria going forward.

The Bank of England revealed in August that the number of mortgage approvals in 2020 stood at 418,000 compared to 524,000 for the same period in the year previous. It is expected that the higher levels of unemployment and other economical factors in the UK will result in a reduction of approved mortgages in 2021.

This scenario can be advantageous for Expat & Foreign Property Investors because mortgage lenders will be looking to lend to applicants that are more likely to be able to afford to pay their mortgage. Unlike many industries such as hospitality that has been devasted by lockdown restrictions, property investors will often be deemed to be lower risk to lenders, as they have financial stability and different income streams.

UK Mortgages for Expat or Foreign Investors

While many mortgage lenders are tightening their lending criteria, using a Specialist Expat or Foreign Investor Mortgage Broker will help to find a good mortgage deal that will enable investors to expand their property portfolio in the UK.

Expat Mortgages UK are a whole-of-market broker that has access to every single mortgage deal on the market, which enables us to find our clients the best possible deal at the most attractive interest rate. Our experience and specialism in this sector also bring benefits such as working through the challenges of being a non-UK resident.

We work with a wide range of property investors from around the world and even if they have little or no UK credit history and their income is in foreign currency, we are still able to find the right mortgage solution to help them to succeed in buying UK investment or residential properties.

Foreign investors often struggle to obtain mortgages in the UK but at Expat Mortgages UK, we work with lenders who will take on this risk and we will help you to complete the application, so that it goes as smoothly as possible.

Our expertise will also help to ensure there are no unnecessary delays that can result in missing out on a property, so contact us today and we can get started on your foreign investor mortgage application.

To find out more about how we can assist you with your ExpatMortgage requirements, please click here to get in touch today.

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Overseas investors expect real estate to drive UK growth

Some 31% of overseas investors said that real estate and construction would drive UK growth in the future, up from 10% in 2019 – the highest increase of any sector.

Real estate and construction is now in the top-three most attractive sectors, behind only digital (seen as driving future UK growth by 50%) and health and wellbeing (36%).

Russell Gardner, EY UK & Ireland head of real estate, hospitality & construction, said: “The government’s stated infrastructure plans have likely played a role in boosting interest in the real estate and construction sector.

“But the significant impact of the pandemic on UK high streets and workplaces has also encouraged many investors to re-imagine what real estate will need to offer in the future.”

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The pandemic has re-shaped investors’ strategies, with 61% saying that the changing model in major city centres will become an important theme in future investments.

Underlining the built environment’s importance to FDI more widely, 23% of respondents cited the reliability and coverage of infrastructure as an important factor for deciding whether to invest in a particular country.

EY’s UK Attractiveness Survey found that the proportion of overseas companies planning to invest in the UK in the next 12 months has fallen to 25% from a 10-year high of 31% in April.

Only 43% are continuing with the UK investments they planned before the pandemic, down from 72% in April.

BY RYAN BEMBRIDGE

Source: Property Wire

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Where overseas investors own most properties

The London boroughs of Westminster, Kensington & Chelsea and Camden are some of the most popular with foreign owners.

Pure Property Finance analysed data from the Land Registry on overseas companies that own property in England and Wales.

There were 10,938 in the City of Westminster, 5,847 in Kensington and Chelsea, and 2,363 in Camden.

In terms of areas outside London, 1,770 were in Manchester and 1,516 were in Liverpool.

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Ben Lloyd, managing director of Pure Property Finance, said: “Since we set up Pure in 2013, we have worked with clients across the UK and abroad to secure bespoke property finance that suits their specific project needs.

“In this time, we have definitely seen some ‘hotspots’ for investment, particularly in London and the South East, along the M4 corridor, as well as cities in the North West.

“Some of these areas are now becoming oversaturated and do not provide the opportunities they once did. However, others remain in high demand; high value locations will almost always hold their value and bring a solid long-term return on investment.”

Overseas investors will be charged a stamp duty surcharge of 2% from April next year.

BY RYAN BEMBRIDGE

Source: Property Wire

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Overseas investors target Scotland as property volumes rebound over summer

Property experts are banking on a strong end to the year after investment volumes in Scotland rebounded over the summer following a “Covid quarter” wipeout.

Investment volumes in the third quarter of 2020, covering July, August and September, reached £477 million, according to property consultant Colliers International’s latest snapshot.

That marked the highest quarterly figure in a year, though it was still almost 20 per cent below the five-year quarterly average of £564m. It comes after investment volumes slowed to a near standstill in the second quarter of this year, when the figure plummeted to just £35m.

The firm said there was hope for a strong end to the year with pent-up demand driving activity.

Oliver Kolodseike, associate director, research and forecasting, at Colliers International, said: “It is positive to see that transactional volumes have started to pick up again and we are now expecting a strong end to the year in Scotland as we recover from the ‘Covid quarter’.

“An annual investment total of £1.5 billion across all sectors would be a positive result given the nationwide lockdown earlier in the year.”

The firm’s analysis found that the office and alternative sectors accounted for three quarters of all activity by value, while investment volumes in the industrial sector were 40 per cent above its five-year quarterly average. Given the ongoing impact of the pandemic, activity in the retail segment was limited, Colliers noted.

There was a renewed interest in Scotland from Asia Pacific-based investors, who accounted for over half of all investment volumes. This included the quarter’s largest deal which saw South Korean Hyundai Asset Management purchase 1-3 Lochside Crescent in Edinburgh for just over £133m. The 247,500 sq ft asset is currently let to insurer Aegon.

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The deal marked Hyundai Asset Management’s second Edinburgh purchase in less than 18 months, having already bought Gyle Square in April 2019 for £55m in one of Scotland’s other largest office deals that year.

Looking in more detail at investment in the office sector, a total of £186m was invested during the third quarter, only slightly weaker than the £196m transacted a year ago and marginally below the five-year quarterly average of £193m.

In one of Scotland’s other largest office deals this year, Singaporean Elite Partners Capital bought 150 Broomielaw, the 97,000 sq ft building completely let to Scottish Enterprise, for £40m.

Industrial investment activity picked up during the past quarter, with volumes reaching £80m, 40 per cent above the five-year quarterly average of £56m.

The figure was boosted significantly by the sale of Amazon’s one million sq ft logistics centre to Korean-based KB Securities for £66.8m, representing the second-largest industrial deal ever recorded in Scotland.

Patrick Ford, director, national capital markets, Colliers International in Glasgow, said: “It was good to see this relatively strong investment performance in the industrial sector in Scotland’s two biggest cities in Q3.

“Overseas investors, particularly those located in Asia, remain very interested in the Scottish industrial sector and large deals continue to be done, despite global economic uncertainty on the back of Covid.”

By Scott Reid

Source: Scotsman

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Why more first-time buy-to-let investors are looking at UK property

New landlords and investors from both the UK and overseas are hoping to enter the UK housing market. What’s behind the rise?

The number of people searching for property in the UK for buy-to-let purposes is booming, according to new research from Legal & General. And the biggest increase in demand has been from first-time investors and landlords over the past few weeks.

The insurance firm says it has seen an 18% increase in people searching for terms such as ‘first-time buyer’, ‘first-time landlord’ and ‘non-owner occupier’. This spike has been most prominent since the start of September.

‘Holiday lets‘ was another popular search term on the company’s site. This is likely to reflect the rise in ‘staycations‘ across the country as people’s international travels are restricted. The trend had already been growing as more people have chosen to holiday within the UK in recent years.

Good time to invest?

The UK housing market as a whole has seen a surge in demand over the past few months. Movers and buyers who had held off in March and April have been taking action since early summer.

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After Rishi Sunak announced a stamp duty holiday for the first £500,000 of a property purchase, buyers were further spurred on. And in the buy-to-let space, despite the 3% surcharge that still applies, interest also increased. Buy-to-let investors can still save thousands of pounds in tax thanks to the stamp duty change, which ends next March.

The data from Legal & General also showed that searches for ‘expat not in UK’ had increased by 50%. Most of these searches were in seek of buy-to-let mortgages, the firm added.

Interest from the expat community in the UK property market is nothing new. With sterling continuing its low performance against the dollar, many overseas investors believe it is a good time to buy property here. It is also seen by many living abroad as a “safe haven” for investment, compared to many other markets.

“Our latest findings from SmartrCriteria suggest a growing number of first-time buyers are searching for mortgages for buy-to-let ventures, including those engaging with the growing trend towards staycations this year.”

Mortgage market changes

Mortgage rates remain incredibly low right now, although they are beginning to inch up. This is further attracting property investors to the market, whose borrowing costs directly affect their bottom line.

Lenders are continuing to approach the current situation with caution, though. While rates are competitive, the number of products available remains lower than at the start of the year. Those looking for higher loan to value options may struggle the most.

But according to Kevin Roberts, most lenders are willing to consider a wide range of borrowers.

“There have been thousands of criteria changes since the lockdown and mortgage advisers are supporting seasoned property investors, first-time landlords and other buyers to find lenders and products that meet their needs,” he comments.

Options for first-time landlords and investors are changing all the time, so getting independent financial advice can be helpful.

One of the latest lenders to offer specialist product to first-time investors is LendInvest. They have launched a new range of products which offer up to 80% LTV for student lets and new landlords.

The maximum loan amount is £500,000 at this level. However, for those with a bigger deposit, loans go up to a maximum of £1.5m on standard properties. There are also options for multi-unit freehold blocks up to £3m, as well as houses in multiple occupation (HMOs).

Source: Buy Association

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International investors clambering for UK property amidst global uncertainty

COVID-19 cases might be steadily decreasing, though this does not mean we have overcome all of the fundamental challenges posed by this global pandemic. Market uncertainty has made it difficult for investors to plan for the future. While it looks as though we are on the path to recovery, there is nothing to suggest a second spike in infections is completely off the table.

What’s more, we are only beginning to realise the economic ramifications of the coronavirus.

It seems as though the majority of the world’s major economies will stay in a recession for at least the rest of 2020. GDP levels in advanced economies are expected to remain around 3-4% lower than their pre-pandemic projections until at least 2025, according to a Fitch Ratings report.

As such, investors are seeking ways to hedge against this forecast by gravitating towards assets which have historically been able to deliver stable returns and quick recoveries from sudden downturns. In the UK, this has translated into an incredible spike in overseas demand for UK property.

Overseas interest in UK property

While housing in the UK has long-attracted international demand, previously it had mainly been concentrated in the capital; specifically, Prime Central London (PCL) property. However, recently, estate agencies are reporting a surge in interest from Hong Kong buyers in buy-to-let properties in the North of England.

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This is not to say that COVID-19 has damped international demand for London property. To the contrary, Beauchamp Estates recently reported that they had assisted with $374 million worth of investment into PCL housing from Chinese and Hong Kong residents between December 2019 and June 2020; representing 20% of all property transactions worth above £10 million in the capital.

Additionally, estate agent Dexters revealed that PCL sales for properties worth over £2 million between mid-June and mid-August were 85% higher than during the same period a year prior. This incredible uptick in demand demonstrates how UK property is seen as a safe and secure asset in times of uncertainty across the globe. Dexters also reported that the majority of these transactions were by cash buyers in Hong Kong, Singapore, the UAE, the US, Italy and India.

Why are overseas investors clambering for UK property?

As well as UK property’s historical positive performance, there are three additional benefits for international investors at present.

Firstly, the Stamp Duty Land Tax (SDLT) holiday on the first £500,000 on all property sales across England and Northern Ireland provides substantial discounts compared to previous years. Non-UK-resident buyers can now save as much as £15,000 in SDLT through this tax holiday.

Already, the tax break is having a noticeable impact on the housing market. The first national House Price Index to be released after the introduction of the SDLT holiday revealed an annual price growth of 1.5%.

Secondly, the SDLT overseas-buyer 2% surcharge is due to be implemented from April 2021. Acting now, before the above holiday ends and this additional added cost is introduced, allows for substantial SDLT savings.

Finally, the economic and financial stability of the UK provides many an escape from market volatility they may be experiencing in their own jurisdiction. London in particular is recognised as a global financial capital and bustling cosmopolitan centre, allowing buyers easy access to both further investment opportunities and the luxury lifestyle benefits the capital city can provide.

Property in a time of uncertainty

As 2020 continues and the COVID-19 pandemic plays out, it’s likely that the level of foreign buyer interest in UK property will continue to steadily increase. Overseas investors are becoming more aware of the prime property investment opportunities across the UK.

From a recovery standpoint, this influx of foreign capital is helping to reignite the property market, encouraging buyers and sellers who initially retreated following the introduction of lockdown measures to make a steady return. Supported by the SDLT holiday, this will be vital in supporting the UK’s post-pandemic economic recovery.

BY RYAN BEMBRIDGE

Source: Property Wire

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London’s housing market lures Hong Kongers seeking safe haven

Wealthy Hong Kong residents seeking to escape the city’s political upheaval are flocking to London, offering a potential lift to the capital’s ailing luxury housing market.

Realtors are seeing a surge in interest from Hong Kong, driven by falling prices, favorable exchange rates and Prime Minister Boris Johnson’s easing of immigration rules for many residents of the former British colony. The number of Hong Kong clients registering with upmarket real estate agency Chestertons is up nearly 80 per cent this year compared with 2019, while inquiries at Black Brick Property Solutions and Beauchamp Estates are up by about a fifth.

An influx of Hong Kong buyers would give a boost to London’s prime residential market, where prices have fallen by more than 20 per cent since 2014, according to broker Knight Frank. Investors from the Asian financial hub accounted for nearly 10 per cent of London luxury home purchases in 2010, but that share declined steadily in the following years before starting to pick up in 2019.

The increased interest came as mass protests rocked Hong Kong, accelerating after a political crackdown by China, which imposed a new national security law at the end of June. In response, the U.K. said it would allow almost three million holders of so-called British National (Overseas) passports to move to Britain. That’s helped make the U.K. the biggest draw at property exhibitions in Hong Kong, according to property app Soho.

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“Unlike wealthy buyers from the Middle East or the U.S, Hong Kongers are probably looking to relocate permanently to the U.K.,” Camilla Dell, managing partner at Black Brick, said in an interview. “There will be potential for more buyers as a result of BNO holders being told they’re welcome with open arms.”

Hong Kong buyers are drawn to London by its comparatively cheap prices. The average value of prime London homes was $1,830 per square foot in June, compared with $4,440 in Hong Kong, according to Savills Plc. They also benefit from the exchange rate. Since the peak of the market in 2014, buyers with Hong Kong dollars have reaped a relative discount of 40 per cent, twice the price decline in pound terms, Liam Bailey, Knight Frank’s global head of research, said in an emailed reply to questions.

While London’s luxury market is struggling, the country’s housing market as a whole is on the up, stoked by government support programs that are part of its efforts to restart the economy.

The spike in Hong Kong buyers’ interest is also a response to changes in the U.K.’s sales tax on property purchases. A temporary tax break will expire in March, while a new higher rate on overseas buyers kicks in the following month.

“Buyers from Hong Kong are driving the luxury residential market in London at the moment,” said Kathrin Hersel, property director at Almacantar, a developer and investor whose inquiries from Hong Kong have more than doubled since mid-March from the year-earlier period. And in recent months, they’ve started to take a longer-term view of the market.

“A year ago we were probably taking more inquiries for rental investments,” Hersel said. “Now these buyers want second homes.” – Bloomberg

Source: NST