Hong Kongers’ demand for UK property as homes to live in rather than just investment has spurred the strongest transaction numbers and price growth in a decade.
The United Kingdom has enjoyed tremendous demand over the last 18 months from Asian buyers, in particular from Hong Kong. The Stamp Duty Land Tax Holiday helped to stoke demand. What resulted was the strongest transaction numbers and price growth in a decade.
After initially deserting city centres, people began returning mid-2021, as offices reopened. This led to vacancy rates plummeting in London and city centres of major regional cities, such as Birmingham and Manchester.
Due to cost inflation, building activity has slowed in many parts of the country, and is expected to take two or three years to recover to pre-pandemic levels, which should keep pressure on property prices over the next few years.
Loans are easier to get, property options more plentiful and a stronger presence of local professionals all help navigate a property purchase more transparently.