Co-organized by The Standard and Sing Tao The Standard Overseas Property Online, the Overseas Property Facebook Live gathers insights from industry professionals and introduces outstanding property projects from top markets around the world.
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In the latest episode of Overseas Property FB live held on April 30, Marius Fok, Head of Sales (Global Project) of Sakura Global Property Limited, together with Alfred Cheung Kin-ting, renowned Hong Kong actor, director, writer and producer, and Tsang Chi Ying (Tsang Sir), financial media personality, shared their views on Britain’s economic outlook and investment prospects.
Emigration to Britain used to be confined largely to wealthy investors and professionals in Hong Kong, but with recent lowering of the threshold for BNO passport holders, a much bigger number of people has become eligible. Research reveals that applications for BNO visas have doubled the number predicted by the UK government. Tsang observed that a surging number of middle class or young families are contemplating or applying to emigrate to Britain for the quality education and lifestyle they desire. He noted that among the major cities in the UK, Manchester is soaring in popularity due to its affordable property prices.
“Manchester property offerings priced at the £100,000 level were sold out promptly every time after they were launched,” Tsang added. “On the other hand, some Hong Kong property owners have chosen to refinance and purchase a luxury home in London.”
In addition to Hongkongers’ buying power, there is a number of favorable factors for both British and overseas investors, such as the Stamp Duty Land Tax holiday and the currently low interest rate. As a result, property prices in London have recorded a rare 3% growth.
Cheung advised that with the rising number of Hongkongers starting a new life in Britain, there is now a shortage of public school headcounts available for pupils. Therefore, he reminded parents to allow for sufficient time in finding schools for their children, and they could trying looking further afield.
Fok shared a number of handy tips on investing in the UK property market:
- Aim for properties in a good school zone which could provide better security and appreciation potentials
- New investors and home finders should opt for apartments, as they have a higher turnover rate, better security system, together with maintenance and concierge services provided by the management company
- Opt for first-hand apartments, especially those completed after 2017, as they are protected by a 10-year maintenance service. Also, apartments built before 2017 might not meet current requirements for fire safety, and could be difficult in applying for mortgage loans.
- Photos on property websites might not provide a full picture. Together with complicated overseas legal procedures, investors are recommended to appoint an agent for a hassle-free property investing journey.
With an office in Hong Kong and teams based in the UK and Japan, Sakura Global Property Limited offers first-hand, second-hand homes, or dwellings under construction with comprehensive and thoughtful services, including on-site property inspections and repossessions.
