Sutton, south London, has become a favored destination for international buyers seeking high-quality schools, affordable housing, and close proximity to London. Sutton Grammar and Nonsuch High School for Girls are among the top draws in the area.
The UK’s universities are also attracting buyers. Many parents of international students prefer to invest in a property rather than pay rent for their children during their time in the UK. Investing in UK property offers long-term benefits, including rental yield and capital appreciation.
Furthermore, Hong Kong residents are motivated to invest in the UK due to high property prices and stamp duty rates in Hong Kong. While expats and buyers with foreign passports do have to pay a 2% stamp duty surcharge in the UK, it is significantly lower than the 15% surcharge on second homes in Hong Kong.
Jonathan Gordon, a sales director at property investment firm IP Global, lived in Hong Kong for two decades. He explained that the political situation and uncertainty in Hong Kong have made residents nervous and prompted them to seek safer investments abroad.
In addition, Chinese capital controls limit residents to $50,000 of annual investments abroad, which has led to concerns over possible restrictions in Hong Kong. The perception of UK property being more affordable, especially with the stronger Hong Kong dollar and weaker pound, has also driven investment from Hong Kong to the UK.
According to Land Registry figures obtained by estate agent Benham and Reeves, Hong Kong investors own an estimated £10.8bn worth of property across England and Wales, making them the largest foreign property owners in the country.
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