According to Juwai’s Q4 UK report, property demand by Chinese investors had more than tripled from February 2018 to August this year.
Interest in Manchester property from potential Chinese investors in August was up by 200% on the same month a year earlier. One of the main reasons behind the demand for Manchester properties has been direct flights from Beijing to Manchester. This led to increased numbers of visitors to the north-west from China, and a big rise in Chinese spending in the region since the route was established in 2016.
Juwai, China’s largest overseas property website, also highlighted impressive data for other regional cities in the UK. Enquiries about Liverpool were 162.5% up on August 2017, while interest in Birmingham was nine times higher than for the same period a year ago. Interest from China in London over the same period had risen by 65%.
Carrie Law, CEO and Director of Juwai.com said “Most Chinese still have positive long-term expectations for the UK economy and property markets despite Brexit. Most see the UK as a long-term reliable market offering an excellent lifestyle and enviable opportunities for their children to study, work, and live.”
The figures illustrate that the Chinese government’s decision to relax its regulations over allowing its citizens to invest in property in the UK earlier in 2018 has made a significant difference.
Those who already invest in the UK now have the added option of trading and refinancing their existing assets while reinvesting elsewhere, without first requiring governmental approval, while also encouraging greater diversification into the asset classes covered by the new exemption, including logistics, infrastructure and retail parks.
Carrie Law also added “Investors from China in particular are much more willing to acquire off-plan properties than old established ones as they are more desirable to attract young professionals with high disposable income”.