Political uncertainty in Hong Kong is one of the factors driving an increase in enquiries from non-UK residents.
Data showed ‘visas’ was the most searched for term by advisers in the last week of July, and searches for ‘non-UK residents’ were also on the rise.
The tool, which helps advisers determine whether a particular lender might consider an application from their client, also showed buy-to-let searches for applicants on a visa had also risen by 146%. This has been since the announcement of a 2% stamp duty surcharge for overseas buyers, which will come in effect in April 2021. But the stamp duty holiday, announced by the chancellor last month, was also cited as one of the other reasons for the interest from overseas buyers.
Hong Kong buyers
The rise in visa-related enquiries coincides with increased interest from Hong Kong-based buyers as they turn their attention to the UK housing market amidst growing political uncertainty in the territory.
Recent industry data revealed a surge in demand from Hong Kong-based buyers. It said this was likely to grow further following the government’s announcement on 22nd July of a new route to citizenship for 300,000 British National Overseas (BNO) passport holders.
Britain’s housing market is bucking the trend and has faced unprecedented levels of demand since reopening in May, and now figures show that a growing number of overseas buyers are also taking a very keen interest in UK property.”
Lending criteria is changing every day in the mortgage market at the moment, and advisers will be key in helping borrowers and others to cut through the red tape and find the best product for their particular circumstances.
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