Cambridge, Manchester homes provide ‘more bang for your buck’ than London for Hongkongers heading to Britain under BN(O) visa scheme, say analysts

More than 34,000 Hongkongers have applied for the right to stay long-term in Britain under the BN(O) programme, with 7,200 already approved, according to the British government

Home prices in the northern city of Manchester stood at £211,107 (US$300,263) in March, according to Knight Frank, compared to £500,310 in London

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Timber Works in Cambridge is one of the developments being marketed to Hongkongers looking to move to Britain under the British National (Overseas) visa scheme. Photo: SCMP Handout

Published: 7:30am, 2 Jun 2021Updated: 7:39am, 2 Jun 2021

The cities of Cambridge and Manchester may offer better value than London to Hongkongers looking to find a home in Britain as they emigrate under the British National (Overseas) visas scheme, according to analysts.

Average home prices in Cambridge in the south of England grew 4 per cent in March from a year ago to £461,935 (US$655,168), while in the northern city of Manchester they gained 16.2 per cent to £211,107, according to Knight Frank. In London, meanwhile, the average value of a house grew 3.7 per cent to £500,310 in the same period.

“Regional cities offer purchasers more bang for your buck relative to London, both in terms of property and cost of living,” said Oliver Knight, head of residential development research, Knight Frank.

Demand from Hongkongers for British homes is likely to increase in the coming months. More than 34,000 have applied for the right to stay long-term in Britain under the BN(O) programme, with 7,200 already approved, according to the British government.

Between July 2020, when Britain made the offer of an easier pathway to citizenship, and March 2021, Hongkongers bought 1,932 units or 4 per cent of London homes sold during the period, amounting to £959 million, according to an estimate by property agency Benham and Reeves.

Property agencies and developers are, however, banking on the appeal of other English cities to market properties to Hongkongers looking to move to Britain.

Cambridge, a university town northeast of London known for its prestigious university, is positioning itself as the UK’s answer to Silicon Valley and has attracted the likes of Apple, Microsoft and Amazon.

“Cambridge has always been an attractive city [and a] home to tech and science business parks, with a strong economy and good employment prospects,” said Toby Greenhow, Savills’ head of residential development, Cambridge. “We are seeing a move away from those who buy purely for investment; now it is more about family homes.