THE activity of Hong Kong buyers in London's property boom is running at record levels, according to a leading industry specialist. Frank Marriot, associate director at First Pacific Davies (FPD), said there was ''record interest'' in the London property market from Hong Kong buyers and he expected it to increase. According to figures based on a new report, he said Hong Kong investors bought about five per cent of the properties sold in London between May 1993 and April 1994. The latest quarterly FPD Savills' Residential Research report says the recovery of the London property market is now well established, with overseas buyers dominating the market during the period. The report says: ''Good properties, new to the market, have been achieving good prices with 14 per cent of sales achieved at, or over, the asking price.'' Only 10 per cent of these properties were sold below their asking price. Discounting for old, poor-quality properties - where price reductions of up to 60 per cent were once possible - had almost disappeared, it says. Buyers from other Southeast Asian countries accounted for five per cent of total transactions. Buyers from India made up two per cent of recorded purchases. However, the report says the charge for London's desirable homes is being led by buyers from western Europe, rather than Asia. Overseas buyers made up 35 per cent of home purchases in prime central London locations during the year - up slightly on the previous 12 months. British vendors accounted for 83 per cent of all house sales in central London during the same period, which indicated that locals were ''disinvesting'' from the market, says the report. Although the level of Hong Kong activity is at record levels, purchasers from the territory do not constitute the largest number of overseas buyers in the market which is dominated by investors from western Europe. A third of overseas buyers came from Europe, says the report, with the others evenly distributed between America, the Middle East, and Southeast Asia, including Hong Kong. Southeast Asian buyers, excluding Hong Kong, made five per cent of purchases during the year from May to April, Middle Eastern buyers made four per cent and Americans five per cent, the report said. Buying activities of South Africans and Indians were ''greatly unnoticed in the reporting of foreign buyers to date'', it says. South African buyers were involved in three per cent of transactions over the period. ''The sudden appearance of these groups may be a temporary blip, especially in cases such as South Africa where recent changes probably have influence,'' the report says. The largest group of buyers were investors, whose numbers had doubled since 1992/93, accounting for 32 per cent of the total. Analysing buyers' occupations, the report says: ''City bonuses have had a huge impact on the prime central London property market, with 42 per cent of buyers coming from the financial sector.'' The number of buyers from the property sector had doubled from nine per cent to 20 per cent, compared to 1992/93, the report says. Mr Marriot said Hong Kong and other Southeast Asian investors were more likely to buy uncompleted residential units than British buyers, making the territory a favourite location for builders to sell their developments.