Hongkongers snap up more homes in England and Wales, drawn by fast-track visa scheme for BN(O) holders, weak pound
- Home ownership by Hongkongers in the two jurisdictions increased by nearly 12 per cent year on year as of January, London-based property agency says
- Buyers from Hong Kong own 24,759 homes in the two constituent countries of the UK, more than any other foreign group
Home ownership by Hongkongers in England and Wales increased by nearly 12 per cent in the 12 months up to January, according to London-based property agency Benham and Reeves.
Buyers from Hong Kong now own 24,759 homes in the two constituent countries of the UK, which represents 13.2 per cent of the total and is more than any other foreign group.
Since 2020, the number of homes owned by Hongkongers in the two jurisdictions has surged by more than a third, the data, which Benham compiled from official records, shows.
“There’s no doubt that the recent and historic weakening of the pound has been a driving factor behind an uptick in overseas property investment within the UK, with many overseas buyers now benefiting from fluctuating exchange rates,” said Marc von Grundherr, director at Benham. “However, while overseas demand is strong on many fronts as a result of currency fluctuations, Hong Kong buyers remain the most prominent force and the BN(O) visa remains the driving factor in this respect.”
About five years ago, the pound stood at US$1.35, but last September the British currency plunged to as low as US$1.08 following an aborted plan to slash taxes and load up on debts under the short-lived administration of former prime minister Liz Truss.