Concrete Analysis | Northern England is new property investment hotspot for Hong Kong, China investors
As London becomes too costly, Manchester – beneficiary of “northshoring” – has emerged as an attractive destination
Tourists from Hong Kong and mainland China have started a trend.
A new class of traveller is hitting the UK and following an increasingly well-trodden path – they arrive in London, visit Manchester and Glasgow, before flying back home.
It is a route that their friends, family or colleagues have taken. However, these are no ordinary tourists. They are visiting the UK to look for property and this popular travel schedule is a key indicator of where investors’ money is flowing.
They are the travelling investor.
London, once the stalwart of international property investment, has become expensive and low yielding, although it still draws interest partly because it provides a useful comparison to the country’s other cities, particularly for those who are unfamiliar with the UK.
Businesses, workers and families feeling the pressure of London’s property prices, are moving elsewhere, primarily to the northern cities, and London’s price growth is stalling.