Hong Kong buyers double in number in five weeks, agency reports

The number of Hong Kong buyers looking at property in London has doubled in just five weeks according to an agency operating in the capital.

Chestertons says the surge has taken place between June 1 and July 7 - the latest figures available - which coincide with a ramping up of tension between Hong Kong and the Chinese mainland authorities.

The Boris Johnson government, meanwhile, has offered British citizenship to three million HK residents.

Chestertons says the new breed of HK buyer is looking at different parts of the capital to predecessors.

In the past, Hong Kong buyers have generally bought investment properties outside of central areas where yields are higher, in areas like Canary Wharf. 

However, recent interest has been more focused on buying family properties to live in south west London and central London, where enquiries from Hong Kong have risen by 53 per cent compared to last year.

In the last four weeks in Putney for example - where there has traditionally been almost no interest from Hong Kong buyers - Chestertons has registered numerous new buyers.

And in west London 75 per cent of the apartments released in the first phase of a new development were reserved by Hong Kong buyers within a matter of weeks, although these were mainly for investment.

“The current situation and uncertainty in Hong Kong has caused many to look at London property as a ‘safe haven’ investment, while the stamp duty holiday and the weak Pound are added attractions” notes Chestertons’ managing director Guy Gittins.