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Colindale in North London<\/a> is sought-after amongst Hong Kong expats and St George development Beaufort Park is a real hotspot, with a thriving Chinese community.\u00a0 Its popularity has continued to grow throughout 2022 \u2013 around 40% of our Beaufort Park branch\u2019s tenants are from Hong Kong.<\/p>\nThe number of Hong Kong and Chinese buyers purchasing homes in Colindale through us nearly doubled in 2022 compared to 2021. \u00a0In 2021 we concluded a total of 59 sales in Colindale, 17 of which were to Chinese or Hong Kong buyers.\u00a0 In 2022, we concluded a total of 62 sales, of which 30 were to Chinese or Hong Kong buyers.<\/p>\n
So we\u2019ve seen a significant rise in enquiries from Hong Kong professionals this year and most have been cash buyers, and therefore unaffected by the rise in UK interest rates<\/a>, so demand remains strong.\u00a0 Since January, around 65% of our sales at Beaufort Park in Colindale have been to Hong Kong buyers.<\/p>\n Typically, budgets are similar to 2021, with most looking to buy either a one bed flat for \u00a3300-400k, a two bed for \u00a3450-\u00a3550k or a three bed for \u00a3600-\u00a3750k.<\/p>\n Other areas growing in popularity recently are Mill Hill<\/a>, Finchley and Barnet, Harrow<\/a> on the Hill, Canary Wharf<\/a> and Chiswick<\/a>.<\/p>\n October saw the first of our new property investment events for Hong Kong buyers and renters, providing information and advice to help them to settle into the area.\u00a0 These seminars have been a great success and we plan to hold more in 2023.<\/p>\n Chinese parents have found it difficult to find a rental property for their student children so are buying instead, planning to keep the property long-term, either as a rental investment or for their own use.\u00a0Typically, they\u2019re looking for two or three bed flats near universities, with budgets of \u00a31m to \u00a32m.<\/p>\n Renting remains the first option for Hong Kongers arriving in the UK and typically they will rent for 6\u201312 months before buying.\u00a0 This year, applicants have increased their budgets, often due to the shortage of good rental properties in London\u2019s highly competitive market.<\/p>\nProperty investment seminars for Hong Kong buyers<\/h2>\n
Why enquiries are increasing from Chinese students<\/h2>\n
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This year Chinese students have been returning to London universities, with Chinese nationals the second most common nationality, after India, granted sponsorship study visas (in the year to June 2022), with 115,056 visas granted.<\/p>\nReasons behind higher rental demand in 2022<\/h2>\n
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Rents have increased from \u00a3900 per month for a studio to \u00a31100 per month, from \u00a31200per month for a one bed flat to \u00a31300-1500 per month and from \u00a31600 per month for a two bed to \u00a31800-\u00a32200 per month.\u00a0Chinese students renting in London opt for areas such as East London, including 250 City Road in Shoreditch<\/a>, London Dock<\/a> and Royal Arsenal Riverside<\/a>, as well as Nine Elms<\/a>, White City<\/a>, Fulham Reach<\/a> and Sovereign Court in Hammersmith<\/a>.<\/p>\nLooking to buy or rent a London home in 2023?<\/h2>\n