Hong Kongers been busy buying properties in weak London market since visa announcement

London

THE number of London properties bought by Hong Kongers has more than doubled since the announcement of a new visa offering residents of the territory an opportunity to move to Britain, estate agent Benham & Reeves said on Wednesday.

Transactions by Hong Kong buyers have increased by 144 per cent in London since July 2020, it said. That was the month when UK Prime Minister Boris Johnson announced the visa scheme for holders of British National Overseas (BNO) passports, in response to Beijing imposing a national security law that Britain said undermined Hong Kong's high degree of autonomy.

The increased activity was one bright spot in a weak London market, particularly at the top end, during Covid-19.

Hong Kongers bought 1,932 homes in the British capital between July 2020 and April 2021, against 793 in the corresponding period the year before, Land Registry data showed.

Benham & Reeves said it estimated that buyers from Hong Kong had accounted for an estimated 4 per cent of activity in the market since July 2020, up from a previous 1 per cent.

Marc von Grundherr, director of the estate agent, said Britain had always been a popular destination for Hong Kong property buyers.

"This has certainly been bolstered by the offer of the BNO visa, and for the first time in some 30 years, our Hong Kong office saw more interest from those looking to buy versus those looking to invest during the first quarter of the year," he said.

"Some of this activity is being seen in the very high-end London market, but in fact, much of the demand coming from Hong Kong is focused around more average market price thresholds." REUTERS