Following China’s recent proposal to implement new security laws in Hong Kong and the UK Government’s decision to change the immigration laws for Hong Kong residents looking to visit the UK, it is expected that the UK property market will receive a well-needed boost, in particular London’s prime market.
Earlier this year, China announced that it is to implement more stringent security laws into Hong Kong, giving residents less flexibility when it comes to travel and rights. The country has already experienced months of political unrest, and this is likely to add fuel to the fire.
In response to this, UK Prime Minister, Boris Johnson announced changes to immigration laws for Hong Kong residents looking to visit the United Kingdom. These include the opportunity to provide a “path to citizenship” for BNO passport holders, allowing them to come to the UK for one year without a visa and then, offering them the chance to gain further immigration rights including the right to work in the UK.
Despite being in its early stages, property agents, in particular those serving London’s Central and prime locations, have already seen an influx of enquiries from Hong Kong as wealthy families look at relocation and UK investment in property and schools.
Rowen Squibb, CEO of Why Media comments: “Thousands of Hong Kong residents already own property in the UK, many of whom have apartments in some of London’s most sought after and well-known developments including One Hyde Park and, The Shard. London, in particular, has always been a vibrant hub for international property investment and, over the past few weeks many of our property clients have started to see increased enquiries for properties in Central London and beyond.
This influx has also led our clients and new enquiries to rethink their digital presence, ensuring that their website and brand profile appeals to potential buyers from Asia and includes International content that can be indexed and picked up by overseas search engines such as Baidu.
Despite the current pandemic and, concerns of a potential recession as a result of the virus, we have continued to see increases in inbound enquiries, not only from estate agents, property agents and developers but also from law firms specialising in property.”