Over the past year we have seen a steep increase in interest from Chinese buyers. Aside from rental income and investment, international education has been a huge driver for those looking to London for property.
With respect to the civil unrest between China and Hong Kong, political strife tends to trigger financial safety planning. As tensions have increase over the past year, we are seeing an influx in people from Hong Kong, including British expats, looking to purchase property in the UK as an intent to protect their wealth in the present, and invest for the future. The fear of uncertainty is driving people to take their portfolios to safer political climates, and London has always been seen as a safe haven where they can count on property values appreciating and the prestige of London’s global status has always been attractive.
In recent months, enquiries from mainland China has slowed as anticipated because this is the time of year when they are doing year-end finance. The process of planning ahead includes assessment of their current holdings, and researching into possible options for next year. Now that they can take advantage of the currency rates we would expect the number of enquiries to normalize again after year-end.