Sutton, located in south London, has emerged as a highly sought-after destination for international property buyers. This can be attributed to the presence of top-notch schools such as Sutton Grammar and Nonsuch High School for Girls, reasonable housing prices, and its proximity to London. Another influential factor is the appeal of the UK’s universities. Many parents of international students opt to purchase property instead of paying rent for several years.
Sam Lee, director at Hong Kong brokerage Capricorn Financial, emphasizes the potential long-term benefits of such investments. He points out that it can yield both rental income and capital appreciation. This is particularly enticing for Hong Kong residents due to the relatively higher property prices and stamp duty rates in their home country. Additionally, there are concerns about the future property values in Hong Kong.
While foreign buyers in the UK, including expats and individuals with foreign passports, are subject to a 2% stamp duty surcharge, this is significantly lower compared to the 15% stamp duty surcharge imposed on second homes in Hong Kong. Jonathan Gordon, a sales director at property investment firm IP Global, who resided in Hong Kong for two decades, explains that increasing political uncertainty and potential capital controls in China have made Hong Kong residents uneasy. Moreover, the perception of UK property being more affordable has grown due to the strengthening of the Hong Kong dollar against the weakening pound.
Land Registry figures obtained by estate agent Benham and Reeves indicate that Hong Kong investors own an estimated £10.8 billion in property across England and Wales, making them the largest foreign property investors in terms of value.
Overall, Sutton’s appeal to international property buyers, especially those from Hong Kong, lies in its excellent schools, affordable housing, close proximity to London, and potential long-term investment prospects.
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