Hongkongers buy ‘three to five properties a week’ in UK regional cities as agents enjoy brisk sales from emigration wave

Savills reports brisk deals from Hong Kong buyers as emigration wave continues

Average UK house prices rose in March by the most in about 14 years before easing in April as London ranked the most expensive of all regions

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A British Airways plane passes over homes in Myrtle Avenue as it comes in to land at Heathrow Airport, London. Photo: Reuters

Published: 4:00pm, 1 Jul 2021Updated: 10:40pm, 1 Jul 2021

Hongkongers seeking a new lease of life in the UK under the long-term stay and citizenship scheme are increasingly looking to regional cities for home purchases, as prices across the country climbed at the fastest pace in about 14 years.

While the capital remains the preferred choice for traditional and wealthier buyers for its conveniences, the newest batch of investors from the Asian financial hub are finding better values elsewhere, according to property agents.

“We are doing three to five deals a week in regional cities from Bristol to Manchester,” said Mark Elliott, head of international residential at the property consultancy Savills based in Hong Kong. “We have seen a slight shift from off-plan properties to constructed or second-hand homes.”

The firm’s office in Hong Kong has clinched £87 million (US$120 million) worth of sales this year from local buyers, he added, of which 80 per cent was focused on prime London locations.