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Hongkongers eye prime London homes to accommodate their children studying in British universities

  • Investors from Hong Kong represent the fourth-largest group of buyers in prime central London
  • Inquiries from potential Hong Kong buyers are up 30 per cent this month compared to the start of the year

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Students from Hong Kong made up the the third-largest group of overseas applicants for places in UK universities this year after China and India. Photo: Felix Wong
Cheryl Arcibal

The UK’s education sector is set to contribute some £700 million (US$900 million) over the next 12 months to residential property purchases in prime central London, with Hongkongers seeking to send their children to British universities likely to represent the fourth-largest group of buyers in the district, according to Knight Frank.

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“Education has always been a key driver for residential property purchases in London, especially for students based overseas,” said Liam Bailey, global head of research at the property consultancy. “Covid-19 may have altered the way clients view their children’s education as well as their property investments, but the fact remains that the UK offers some of the best education in the world and this isn’t deterring clients from Hong Kong looking to invest in prime London property for their children’s future.”

Hongkongers have always been among the largest foreign investors in London property, but recent political developments, particularly Beijing’s imposition of a national security law, appear to have spurred further demand for homes in the capital and other British cities. Starting January 2021, some three million Hongkongers who hold British National (Overseas) passports and their dependents will be allowed long-term stay in the UK to work or study, creating a path to citizenship.

Inquiries for London property from Hong Kong this month were 30 per cent higher than they were at the start of the year, said Mei Wong, executive director, head of international residential sales at Knight Frank.

Students on the lawn outside Balliol College of Oxford University. Photo: Shutterstock
Students on the lawn outside Balliol College of Oxford University. Photo: Shutterstock
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Students from Hong Kong were also the third-largest applicants for UK universities this year, up 14 per cent to 6,600, after mainland China’s 24,400 and India’s 7,600, according to a CBRE study released this month, citing data from the Universities and Colleges Admissions Service, which processes student applications for British universities.

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