HSBC BUY-TO-LET GUIDE TO THE UK MARKET
2016-03-27
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Hong Kong residents are buying more houses and apartments to lease out for income in Britain, and have became the fifth largest foreign investors in central London as of last August, driving up prices in some popular districts outside the UK capital.
Tourists from Hong Kong and mainland China have started a trend. As London becomes too costly, Manchester – beneficiary of “northshoring” – has emerged as an attractive destination.
The new bespoke immigration route will allow BN(O)s to come to the UK without the current 6 month limit, granting them 5 years limited leave to remain, with the ability to live and work in the UK. After these 5 years, they will be able to apply for settled status and, after a further 12 months with that status, apply for citizenship.
While Brexit has caused GBP to falter, Hong Kong real-estate tycoons have been quick to take advantage of the weakened currency to start building their property empire in the UK
From May 2016 onward, there has been a relatively gentle and almost straight-line increase in house prices, despite the Brexit referendum in June 2016.