Amid political uncertainty, with the Brexit deal on hold and a general election close by, Hong Kong residents look to give the UK market a boost, according to analysts and estate agents. 

During the past 4 months, the number of people from Hong Kong buying property in London has risen. It is reported that the home sought cost between £1 million and £2.5 million. 

Aiding the sudden move for London properties is the sterling’s weakened value paired up with the decline of property prices in the area. “Undoubtedly they have helped to underpin the market and stop it sliding.”

Property monitoring company, Molior reported that around 5,156 new London homes were sold, just in this year’s third quarter. The firm’s director, Tim Craine stated, “It is [homes] at the [upmarket] £1,000-£1,200 per square foot level, which haven’t sold well for several years.”

Agents speaking with the Financial Times said, “We are seeing masses of [Hong Kong residents] again. What is going on in Hong Kong is driving people to look for a safe haven.” 

“It is partly about wealthy families making sure they have property elsewhere that is suitable for them to move into at short notice, and partly about them wishing to get their funds out of a volatile region.”

In addition, London is not only a good investment destination for Hong Kong residents, but it is also a suitable place to live in.  The Financial Times states, “Some potential [Hong Kong Chinese] clients have raised concerns about their children becoming caught up in the protests and see the appeal of sending them overseas for their secondary or higher education. They are looking for accompanying accommodation.”