Surge in buying activity by Hong Kong citizens since government offer of British citizenship
The government announced it was offering British citizenship to Hong Kong citizens holding British National Overseas (BNO) passports last summer. Since the scheme opened in January this year, over 25,000 applications have been made by BNO passport holders. Since the announcement there has been a surge in purchases of homes by Hong Kong citizens.
Sales in London have increased by 144%, at more than double the rate before the government’s offer of citizenship, and prime central London alone has seen 270 sales. However it is not just in London that there has been a swell of activity but properties in the Home Counties have seen increased interest particularly near good schools.
What is more remarkable is that all this activity has occurred despite restrictions on travel. The stamp duty holiday has also been prominent in the minds of buyers as has currency play with favourable exchange rates for currencies like the Hong Kong dollar which are pegged to the US dollar.
As travel restrictions ease, and more Hong Kong citizens apply for British citizenship, we can only see their buying activity increasing at the same trajectory.