Influx of renters /buyers into the market which may influence LLd decision making in some locations.
Property Investment

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8,674 Posts
1 year ago

For those LLds unaware of the implications, there are now [since 2021] 144 thousand Hongkongers with a BNO entry visa to the UK. Many are already here [see below] & want to rent & then later buy property when they have completed their research re schools & crime stats. Figs just released show that the average transfer of funds with which to do this is £700K.
I'm posting today to confirm these stats based on my experience of selling two houses in M6 [2020/2012] to two HK's, awaiting BNO visa's to materialise & also my convo's with 5 other HK's here already, telling me of their similar plans.
One couple I myself 'let' to 1st Sept [3 bedder in SK14]. 2 couples with 7/9yr old children renting 3 bedders in SK2. 3 couples with older children, renting apartments in Heaton Moor SK4.
One couple spoken to had previously rented for 3 months in SK5 [via Openrent] & had now bought a 3 bedder house [using Rightmove], a stone's throw away from a primary school [SK2] with excellent music/dance facilities. Amazing all this intel was available to them & used effectively to 'better' themselves & also the lives of their children.
Those with children perused the OfSTED web site to find the most acclaimed schools & 6th Form colleges in popular areas. Parents of a child accepted mid-term into a prestigious school in SK4 thought they were in heaven because children & their parents were so very kind. See below ##

It's also been reported on BBC media outlets, that UK- based recruitment agencies are hiring Cantonese speakers and are taking daily enquires from thousands in HK awaiting a BNO visa.

My HK tnts sold their small HK apartment for £900K which was a modest sum for a pad in a 52 high- rise block They are looking to buy some houses near to Manchester at £300k apiece, late 2023, early 2024.

All i spoke with told the same story; tired of living in rabbit- hutch accommodation, some of which house 3 families. One out at work for 16 hours. One family using the beds. One family cooking, eating using the tiny lounge/kitchen area. Property is rammed with stuff as one might imagine. At school children stay at their desks all day unless need to visit the loo. No play- grounds, no play space for the apartment blocks. Schools operate on shift pattern 7 days a week. Children 'talked' at, expected to do most work at home with parents. These families had left family, jobs, friends, etc to build a new life for themselves.

The favoured areas based on my convo's with the above were #; Warrington, Stoke, Trafford, Salford,Crewe, Manchester [ because of potential employment in China Town]. High- rise apartments in Salford Media City [with terrific views over the waterways & city sky-line were very popular because of the familiar height & bustling views] the closeness to the retail nirvana of M/cr City was a deal-maker.

Every HK'r seemed paranoid about crime, or the fear of crime. They were heartened to know the British police were not in the pay of the industrialists & they could EASILY discover the type of recorded crime committed in each post code by looking at each post code on-line.

They were delighted/amazed/dumbstruck that the police actually allowed their disgrace to see the light of day?

I post the above for a heads-up about this new source of revenue for some LLd's, in some areas.
The areas served well by public transport, served well with high achieving schools, HE & FE,
served well by out- of- town shopping centres, gyms, pools. HK's like the familiar they say, except the 'coffin' apartments back home. Not keen on unfamiliar 'gardening' either as they are used to a few small plants in the house.

On Saturday i visited my tnts to collect the inventory. They were cutting stray blades of grass with nail scissors not aware that a lawn mower was in their locked garden shed [as I care for the modest lawn]. They asked me when their new neighbours would be arriving... to take up the 'garden apartment' & could they help get that ready for them?
They meant the smart garden shed!
Please feel free to ask what I might know about potential renters from HK. Lots more info on- line apparently.

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