Why Hong Kong is going to impact your house price!
The key summary before we get into it is that we expect to see around 300,000 Hong Kong nationals enter the UK on visas with the right to live. It is Estimated that 7,000 are already here and we have even sold a house to someone that never even set foot in the UK prior to completion.
Why you ask? Beijing last year imposed a tough new law that the UK feels is an erosion of freedom and rights. In response the UK Ministers are offering a route out by way of a new visa. This was brought into play on 31st Jan 2021.
Priti Patel (UK Home Secretary) called is a ‘one of a kind’ bespoke visa route to provide freedom, safety and security.
At Avocado Property we have seen a huge level of Hong Kong nationals looking to buy new builds, residential homes and find rented accommodation too. With all the buzz around the property market in the South East, quick access to London and airports there is a new source of buyer demand added to the market boom.
Anyone in Hong Kong registered with British National Overseas status (BNO) before 1997 (When Hong Kong was handed to China), as well as their children, partners and dependant relatives are able to apply for the visa. Around 5.2million Hong Kong Citizens fall inside this group of people, which is over two thirds of the total population.
The visa means BNOs can work, study and live in the UK for up to 5 years. They can then apply for full citizenship after to stay in the UK permanently. BNOs can use UK schools and healthcare but can not claim welfare benefits. They must show they have cash to live independently for at least 6 months too.
Talking to the Avocado Partner Agents we have all seen an impact in buyer registrations via Hong Kong and we expect this to increase.
If you want to know more or discuss property prices with any of our partners then you can request a call back via this link.