Britain was the preferred option among Hongkongers who expressed an interest in leaving the city, with a third choosing the country as their top destination. Taiwan was the second most popular, followed by Australia and Canada.

An estimated 5.4 million of Hong Kong’s 7.5 million people are eligible for the scheme, which allows successful applicants and their dependents to live, work and study in the UK for up to five years. They can then apply for citizenship after six years.

The number of Hongkongers applying for the new pathway to British citizenship from July to September dropped by 21.5 per cent, to 24,000 applications compared with the 30,600 in the previous quarter.

Some 88,900 Hongkongers have applied for the visa since its introduction on January 31, of which 76,176 have been approved.

Canada and Australia have also developed settlement schemes for Hongkongers. In February, Canada unveiled its open work permit scheme for anyone from Hong Kong who graduated in the past five years with a postsecondary degree or diploma from a Canadian institution, or one assessed to offer an equivalent qualification.

Last month, the Australian government amended its migration regulations to create a “safe haven” policy for Hongkongers, centred on those currently studying or working in Australia, enabling them to obtain residency in the country in as little as three years if they met certain requirements.

A new place to call home: Hong Kong migrants in northern England

That was an increase of about 15 per cent from the 8,100 withdrawals – totalling HK$1.7 billion – from the same quarter last year.

Applicants for early withdrawal must make a statutory declaration saying they are leaving the city permanently.

The Oxford survey found that, of those considering moving, 43 per cent had not yet decided or did not know when they would go. About 19 per cent said they would move in three to five years, 12 per cent in less than three years and just 3 per cent within a year.

Dr Man-Yee Kan, an associate professor at the University of Oxford’s sociology department and lead researcher on the survey, said most Hongkongers wanted to plan their moves properly and were waiting to see whether the situation in the city improved.

Among those who wanted to move sooner were those with children, with more than 80 per cent saying their children’s future was their biggest personal consideration.

Number of Hongkongers bidding for BN(O) scheme falls more than 20 per cent

Some 63 per cent believed their earnings would fall in Britain compared with Hong Kong.

Margaret Szeto, founder of migration consultation company Aura Global Limited, said she had seen a significant number of potential BN(O) movers – relatively wealthier than those who moved in the earlier stages of the scheme – delaying their move to Britain based on the prospect of salary cuts.

“Many of them prefer to make more comprehensive arrangements for future living and work in advance, which delayed their move to the UK as a result,” she said.

03:01

Hong Kong sees pet exodus as residents flee over Beijing’s tightening grip

Hong Kong sees pet exodus as residents flee over Beijing’s tightening grip

A 33-year-old IT worker, who declined to give his name, arrived in Britain on Friday after more than a year of planning his family’s Hong Kong exit. He said the decision was motivated by changes to the city’s education system.

He sold his two-bedroom flat in Tseung Kwan O last October for HK$6 million and moved to Birmingham with his wife and two-year-old son.

The IT professional said he would look at finding a job after settling down, supported by the cushion of proceeds from selling the flat and the lower cost of living in the UK.

He said he was hopeful of earning a similar sum to his Hong Kong salary provided he was “well-equipped with the skills needed” for the British market.