Influx of Hongkongers Fails to Stem London’s Posh Home Slide
- Buyers from H.K. quadruple share of prime property purchases
- U.K. introduced new visa for Hong Kong residents last month
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An influx of cash-rich Hong Kong buyers is barely making a dent in London’s ailing luxury property market.
Hong Kong buyers quadrupled their proportion of purchases of homes in London’s wealthiest areas last year, snapping up almost one in 10 sold, according to a report from estate agent Hamptons International. Still, overall sales of luxury properties tumbled 13% as the pandemic spurred the richest buyers to look to the countryside.