Interesting article in The Times commenting that Hong Kong buyers are snapping up prime property in London.
The article attributes this largely to Hong Kongers seeking to become owner occupiers as opposed to purely investors.
This is certainly a factor supporting the rise in demand from Hong Kong buyers but there are a number of others as well such as more certainty following Brexit, the extension of the SDLT holiday, greater confidence in the local economy (which has weathered the Covid-19 storm better than a number of economies) and the hope that international travel may be around the corner!
The article also correctly indicates that Hong Kong buyers are looking outside of London as well. This is certainly what we are seeing on the ground in Hong Kong with a number of new launches / exhibitions targeting projects within a 30 minute commute of London.
The article indicates that the level of demand is unlikely to abate any time soon which is positive news for the sector as a whole and for our firm specifically - given our expertise in advising on UK property matters.