Advertisement
Weaker pound proves a draw for Hongkongers buying UK homes, though stricter energy saving requirements may drive up costs
- UK-based developers are ramping up sales launches and marketing promotions in Hong Kong
- A potential change in energy requirements for buildings could cost homebuyers more in the long run, law firm warns
Reading Time:3 minutes
Why you can trust SCMP
1
UK-based developers are ramping up sales launches and marketing promotions in Hong Kong as the weakened pound makes British property more attractive.
But a law firm has warned that a potential change in energy requirements for buildings could cost homebuyers more in the long run.
Developers like Knight Dragon, chaired and majority-owned by Hong Kong billionaire Henry Cheng Kar-shun, and London Square have been actively marketing UK residential projects to prospective buyers in Hong Kong.
Advertisement
Since the start of the year, the pound has fallen by about a fifth against the US dollar. At one point last month, it hit an all-time low of 1.03 against the American currency.
“Hong Kong buyers are able to buy at a huge discount right now and developers have noticed,” said Eli McGeever, a director at property research company One Global Labs. “There have been several new launches recently and developers are looking to take advantage of the currency play.”
01:46
Outgoing UK prime minister Liz Truss joins ranks of shortest-serving world leaders
Outgoing UK prime minister Liz Truss joins ranks of shortest-serving world leaders
While London home prices have risen 8.5 per cent in the last 12 months, this has been more than offset by a weaker sterling for buyers paying in Hong Kong dollars.
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x