Wimbledon’s thriving Chinese community expects more Hong Kong residents to relocate to the borough
Property buyers wishing to relocate from Hong Kong have triggered a surge in interest in the London market according to new data from property media giant Juwai IQI. It shows that while demand for UK property plummeted from April to June – unsurprising given the market closure in this country – there has been a significant bounce back in July.
According to Estate Agent Today in July, Hong Kong and mainland China buyers made 213 per cent more inquiries on UK property than this time last year.
Zah Azeem, Partner at Scrivener Tibbatts comments: “Not mentioned by Juwai is the possibility that at least some of the HK buyers may want to leave the region as a result of the political turmoil, and relocate to the UK. Wimbledon has a vibrant Chinese community and is an obvious target for their interest.”
The Prime Minister Boris Johnson has pledged to offer three million Hong Kong residents the chance to settle in the UK with, ultimately, a possibility of UK citizenship. That number includes 350,000 people who have British National Overseas passports, and 2.6m more who are eligible to apply.
“Anyone who can bring their transaction forward to 2020 from next year or even later is doing so. Not only will the Stamp Duty holiday expire, but foreign buyer’s Stamp Duty rates are set to climb by two per cent next year [in the UK],” explains Juwai IQI executive chairman Georg Chmiel in an official statement.
“A large segment of Chinese buyers are purchasing for their children to use while studying in the UK, even if the actual dates of study might be years away,” he adds.
If you would like to discuss this or something related to a valuation please contact me via email atzah@scrivenertibbatts.co.uk or call 020 8947 7040.”
