Hong Kong, mainland China students boost UK home demand, property agents say, as weak pound increases buying power
- China, including Hong Kong, accounted for the biggest share of an increase in non-EU students entering UK universities this year, according to Knight Frank
- In the third quarter, Chinese buyers made 2.7 times more inquiries for UK residential property than in the first six months of the year, Juwai IQI says
Students from Hong Kong and mainland China are boosting demand for homes in the United Kingdom as they head to the country for their studies amid a weak pound that gives their families a buying-power boost, analysts and agents said.
For the 2022-23 academic year, UK universities accepted 51,300 students who live outside the European Union, an increase of 9.5 per cent from the previous academic year and a 10-year high, according to property consultancy Knight Frank.
China, including Hong Kong, produced the biggest increase at 23 per cent, followed by Singapore at 19 per cent and the United Arab Emirates at 7 per cent.
Hongkonger Tanya Chan, 21, is one of them. Following in the footsteps of her father, Chan started studying at the London School of Economics and Political Science in September. In the same month, Chan’s family bought a two-bedroom flat in One Park Drive in Canary Wharf for about £1 million (US$1.15 million).