Hong Kong migrants seeking property in the UK need hand-holding, and sometimes a reality check on what they can afford, UK agents say
- Agencies focused on Hong Kong buyers are seeing fewer investors and more who intend to own and occupy, but not a sharp increase in purchases
- Agents are providing more services such as advice on taxation and mortgages, as well as guidance about what and where clients can afford to own
Real estate agencies in the United Kingdom are providing more “hand-holding” for an influx of first-time buyers from Hong Kong, many of whom arrive without knowledge of how the buying process works and – in some cases – with inflated expectations about what they can afford.
A regular advertising campaign run by Savills drew more interest in the past year from those without previous buying experience, despite overall sales having plateaued, according to Mark Elliott, Hong Kong-based head of international residential sales for the agency.
“The respondents [to the campaign] were very different to what they have been over the last five years,” he said. “These are people who are new to London and haven’t been looking at London before.” They therefore have a weaker understanding of the local property market, he added.
“We’ve had an increase in enquiries specifically because buyers don’t know at all what they’re looking for,” he said. “They come with a budget and an idea in mind - because a friend or a family has told them [buying UK properties] is a good idea.”
