LONDON: Hong Konger Winnie Tong aims to move to Britain with her family in two years, but is stalling on plans to buy a house there after prices jumped almost 15% since April.
Property agents said they sold more than double the number of apartments to Hong Kong buyers in the past two months, with the spike in purchases mainly for personal use. “We have never received so many calls from existing clients,” said Marc von Grundherr, director of London estate agent Benham and Reeves, which lets UK properties for about 1,000 clients in Hong Kong.
Hong Kong investors buy homes anywhere from £300,000 to £50 million and are increasingly looking outside London, such as in Manchester and Bristol, for cheaper options. Guy Bradshaw, head of London Residential at Sotheby’s International Realty UK, said Hong Kong buyers are nervous about the political situation and want to ensure their families are safe and their income is protected.