London’s home sales gain from UK capital’s status as Hong Kong BN(O) migrants’ preferred landing spot
- For investors, London’s outer boroughs present good investment options, where average home prices ranged between £521,284 and £564,441 in November
- Average prices increased by between 5.8 per cent and 9.9 per cent from a year ago, Benham and Reeves said
London and the outlying boroughs of the United Kingdom’s capital remain the top destination for Hong Kong’s migrants under the British National (Overseas) visa programme, taking the lion’s share of home sales attributed to the influx in the past year.
London “is popular among Hong Kong buyers due to its abundance of family-oriented amenities,” said Marc von Grundherr, director at the property agency Benham and Reeves. It is also “home to outstanding schools, which is often the primary focus of many Hong Kong buyers relocating with young families.”
In southwest London’s Kingston upon Thames, top schools include the Marymount International School, Kingston Grammar School and The Holyfield School. In west London’s Ealing, prestigious schools include Montepelier Primary School, St Benedict’s School and St. Augustine’s Priory. Barnet in North London offers such top schools as Brampton College, Queen Elizabeth’s School, Barnet, Courtland School, and Ashmole Academy.
For investors, these three London boroughs present good investment options, where average home prices ranged between £521,284 (US$695,400) and £564,441 in November, increasing by between 5.8 per cent and 9.9 per cent from a year ago, Benham and Reeves said.
Hong Kong and mainland Chinese investors snapped up £7.69 billion of London real estate in 2019 according to the UK Office of National Statistics, making the British capital one of the most popular destinations globally for Chinese property investments.
