28 Aug 2020
Demand for UK property among Chinese investors is on the rise, according to the latest data from Chinese property portal Juwai.com.
PropertyInvestorToday revealed that the number of searches for UK property hiked by 213% last month, following a drop in searches in the three months from April to June, mainly due to coronavirus-led lockdowns and restrictions on movement both in China and the UK. Ever since some restrictions have been lifted, however, demand for long-term investments has rebounded.
Juwai.com also attributes the surge in property searches to a stamp duty tax holiday rolled out in Britain, which has prompted investors to secure property deals before March 31, 2021.
“Anyone who can bring their transaction forward to 2020 from next year or even later is doing so,” explained Georg Chmiel, Executive Chairman at Juwai.com
“Not only will the holiday expire, but foreign buyer stamp duty rates are set to climb by 2% next year.
“Prior to the stamp duty holiday, travel restrictions and pandemic fears were choking Chinese demand. The stamp duty holiday is a positive electric shock that has brought demand back to life.”
Chimel also noted that several Chinese investors are purchasing homes for their kin to reside in whilst studying abroad at British universities, both at present or for the future.
He added that Chinese nationals have shown an increasing level of interest in build-to-rent developments in regional cities such as Manchester.