Hong Kong property investors may have much to smile about after Britain's general election on May 6. Opinion polls show a Conservative victory or hung parliament is the most likely result, both of which may provide opportunities for property buyers from the city.
Jonathan Bramwell, the director of homebuyer agency Prime Purchase, said the Conservative Party's commitment to abolishing Home Information Packs (HIPs) would encourage more vendors into the market, because they would no longer need to pay GBP400 (HK$4,739) for them. This would give Hong Kong buyers more property to choose from, he said.
'If the Conservatives win, there will be a bounce and a feel-good factor which happens whenever there is a change of government,' he said. 'Supply levels will increase after the Conservatives win.'
The Conservatives will scrap Labour's new 5 per cent stamp duty on homes of more than GBP1 million.
The Conservatives want minimal regulation of the private rented sector. In a move welcomed by the National Landlords Association, the party has pledged to scrap a law introduced on April 6 that requires landlords to apply for planning permission when letting homes to three or more unrelated tenants.
Britain's landlords overwhelmingly want a Conservative victory. A poll by property portfolio managers Young Group shows 84 per cent support the Conservatives, 13 per cent for Labour and only 3 per cent for the Liberal Democrats.