Friday News #069 – Hong Kong residents snap up property in northern England

Friday News #069 – 7th August 2020

The North West of England has long been one of our top investment hotspots – it has all the credentials, is already well-established yet offers huge potential for future growth.

It’s of little surprise to us that overseas investors are focusing their attentions on northern England; strong rental yields and comparatively good value for money are key driving factors behind this renewed surge in demand.

Here’s what we’ve seen in the news this week.

Hong Kong residents snap up property in northern England: Demand for property in northern England from Hong Kong buyers is surging as the Chinese squeeze on the city intensifies. People from Hong Kong have long bought property in Britain as investors, concentrated in London. Now, agents report that many are buying for their families in northern England, in a quest for value for money. Read more.

North West rents surge: Rents have surged in the North West of England in the past year, rising by 6.5% to average at £773 in July 2020. They also increased by 2% from June to July, suggesting demand has been strong following the lockdown. Read more.

Stamp duty changes spur rise in interest from overseas buyers: Mortgage searches by advisers around visas and non-UK residents has seen a significant rise according to Legal & General Mortgage Club. Data from the SmartrCriteria tool, which helps advisers to determine whether a particular lender would consider a mortgage application from their client, shows that criteria searches related to ‘visas’ were ranked as the most searched term at the end of July. Read more.

BTL mortgage demand rises as investors return to the market: There was a surge in demand for buy-to-let property in July, according to the latest data released by mortgage technology provider, Twenty7Tec. With significantly more tenants seeking homes to rent, buy-to-let properties are currently in high demand. Read more.

Is property in prime central London a good investment? We’ve taken a deeper look in our latest article. Read the full post here.