Chinese And Hong Kong Buyers Inquiring the Impact of New Taxes

Chinese and Hong Kong buyers inquiring the impact of new taxes

10 Oct 2018

Taxes in China

The total value of the investments made by Chinese, Singaporean of Chinese ethnicity and Hong Kong-based buyers was £118.9 billion across the global property markets. In contrast, the total value of UK investments was £16.6 billion, which includes residential and commercial properties.

The Q4 2018 report of Juwai dot com on UK residential property found that Chinese buying inquiries tripled in the months from February to August. Liverpool inquiries increased 162.5 per cent in August compared to the same month in the previous year, and Manchester inquiries were 200 per cent higher during the duration. London property inquiries were 5 per cent higher.  

Chinese And Hong Kong Investors Seek Modernized Cites to Shift

Most property seekers are optimistic, but some buyers are concerned about the impact of Brexit and tax hikes. As a result, the number of Chinese interested clients of the site Juwai dot com grew to more than 3.1 million.

The UK property remains the top choice for Hong Kong buyers, as there are new options due to the depreciation of pounds and hedging fees. Many are investing in the Northern powerhouse due to London's shortage of affordable and quality homes. 

Due to inflow from foreign investors, the property rates in other cities of Europe, such as Ireland and Dublin, expanded significantly in the last few years. The Dublin residentials' property prices rose by 94 per cent from February 2012 as per the Central Statistics Office, and the UK house prices in the rest of Ireland grew 10.8 per cent. In one year from August, the prices grew 6.1 per cent.

Property Exchange and House Selling Stats

Twenty released the Q3 data, suggesting that the upsurge in the number of detached property exchanges was 36 per cent. The gain in new constructions was 2.5 per cent, and on average, the house prices grew 1.9 per cent in the year.

The PropCast's September Report on house selling shows the market in Liverpool in L2 improved by 33 per cent. However, there are higher chances of getting a buyer in cities Birmingham, Bristol, and Manchester M32, and the greatest demand is in Bristol, BS5 and BS3. 

One of the most difficult places to sell property in London is the markets in the West of London, where the key reasons are unaffordability and shortage. However, Bristol and Birmingham are growing cities where the UK property market is getting buyers.

In Liverpool, the property rates grew 7.5 per cent as per Hometrack records, and in Manchester, it extended significantly as the buyers are more than available listings.

Colliers International found the gains were higher in the city centre residential sector, where the pipeline development, which will include at least 4000 units across 12 developments, is expected to be delivered from 2018 to 2022. This development will create at least 11,000 new jobs in the city centre's healthcare, technology, and other sectors.

Generation Z graduates will be the beneficiary of these new positions. Currently, 70,000 people rent their homes to the budding number of young workers.

To know more about UK properties, click Hamilton International Estates. 

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