China’s strained relations with US, Canada, Australia a boon to London property, agents say
- Hongkongers and mainland Chinese overtake Russians and Indians to become the top international buyers in the UK for the first time, says agency Beauchamp Estates
- The increasing demand from comes at a time marked by major disruption in Hong Kong, beginning in June last year when social unrest erupted in the city
China’s worsening relations with the US, Australia and Canada are driving wealthy Hongkongers and Chinese to buy luxury homes in London instead of investing their money in places such as Malibu, Los Angeles, and Toronto, making them the largest group of foreign buyers in the British capital over the last 12 months, according to Beauchamp Estates.
The buying spree has helped Hongkongers and mainland Chinese overtake Russians and Indians to become the top international buyers in the UK for the first time, the London-based boutique property agency said.
Other agents and developers have seen a similar trend. And a potential change in UK immigration policy that could pave the way to eventual citizenship for Hongkongers who hold a British National (Overseas) passport is likely to result in higher demand for homes in London.
Since the general election in the UK in December, Beauchamp Estates have sold over £300 million (US$370 million) worth of luxury London residential property to Hong Kong buyers in locations including Knightsbridge, Belgravia and Islington.
Between January and June, Hong Kong and mainland Chinese buyers accounted for a fifth of international sales in London for properties worth more than £10 million.
Including commercial real estate, buyers from Hong Kong and China invested £7.69 billion in London property in 2019, over £750 million of it in houses in Westminster City, and the Kensington and Chelsea districts.