London's average property price broke £500,000 for the first time. British Statistics Department: Hong Kong residents' BNO residence may stimulate demand

Instant International

Written by: Yang Qian

2021-01-24 02:43

Last update date: 2021-01-24 02:43

The US media reported on January 20 that the average property price in London, UK, exceeded £500,000 (about 5.3 million Hong Kong dollars) for the first time, and the authorities increased property tax in April, which caused non-UK residents to try to "hit the last train" to buy. Prices may rise further in the short term.

The authorities also pointed out that new ways for Hong Kong BNO holders to obtain British citizenship may also stimulate demand.

Bloomberg reported on the 20th that according to the Land Registry data released by the Office for National Statistics (ONS) on the same day, London property prices in November increased by 9.7% over the same period last year, with an average price of £513,997 (HK$5.453 million) ), more than twice the national average.

Although the new crown pneumonia epidemic in the UK continues, property prices in the capital London have continued to rise.

The picture shows Regent Street in London on December 19 last year.

(AP)

Even though the COVID-19 crisis has plunged the UK economy into its worst recession in three centuries, it has widened the gap between young people who cannot afford the first phase of housing and elderly people during the harvest.

Property price growth occurred over the same period. Bloomberg pointed to factors including: the backlog of demand after the first national lockdown in the spring, and the buyer's stamp duty reduction of up to 15,000 pounds that began in July last year and expired in March this year.

Property prices in the inner city of London are rising faster than those in the outer city, although more and more urban residents are moving to the outskirts due to epidemics and changes in work styles, the most expensive areas in the UK, Kensington and Chelsea And Brent (Brent) rose more than 20%.

The National Bureau of Statistics of the United Kingdom said that compared with other regions, London has a relatively high proportion of investment properties, including cash buyers and overseas investors.

It is believed that demand in the city center may further increase in the short term. Non-residents are trying to snap up their purchases before the property tax increase in April. The authorities also believe that new ways for Hong Kong BNO holders to obtain British citizenship may also stimulate demand.

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