HONG KONG-based investors will continue to be the No 1 overseas buyers of central London's most desirable homes, despite the current downturn in their level of interest.
Hong Kong demand for British residential property has dropped by as much as a third compared with this time last year, estate agents and mortgage lenders say.
Hong Kong's Chinese and expatriate investors and home buyers mainly purchase British property in the central London districts of Chelsea, Belgravia, Knightsbridge, Mayfair, South Kensington, Pimlico and Westminster.
They are also active in the capital's inner suburbs of Hampstead, Highgate, Richmond, Wimbledon and St John's Wood. Expatriates are showing some interest in countryside properties.
Anna Stokes, director of British estate agents Aylesford, said there were more than twice as many Hong Kong investors buying central London luxury homes than people of any other nationality. Their nearest overseas rivals came from Singapore.
More than one in 10 of last year's buyers of prime central London residential property were from Hong Kong. Local residents bought two-thirds of the properties sold.
