The UK’s capital is increasingly attractive to those high net worth investors from Asia and the Middle East looking to get on the property market.
Due to Covid-19, house prices in the UK have been falling, the stamp duty tax has been cut, and there are favourable exchange rates, making the move to London or elsewhere in the UK cheaper, and even more preferable alongside its already high quality education and opportunities.
Buyers from Hong Kong are also being swayed to the UK by the easing of immigration rules for British National’s Overseas and the political situation and protests currently occurring. Property director at Almacantar Kathrin Hersel has said that "Buyers from Hong Kong are driving the luxury residential market in London at the moment." Inquiries from Hong Kong have more than doubled since mid-March from the year-earlier period according to Almacantar’s data.