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Juwai.com records a 213% rise in searches for UK property in July, as stamp duty changes also drive demand for British real estate from Chinese buyers.
Interest in UK property investment among buyers in China is surging.
That’s according to new figures from Chinese property portal Juwai.com. As reported by PropertyInvestorToday, searches for UK property increased by 213% in July 2020.
This followed a reduction in searches between April and June, as COVID-19 prompted lockdowns and restrictions on everyday life in both China and the UK. However, the easing of some of these restrictions has ignited a new wave of interest in long-term investments.
Juwai.com also cites another factor for this spike in searches. The UK stamp duty tax holiday has given investors an added incentive of securing a property before the 31st March 2021.
This, coupled with a new stamp duty surcharge for foreign investors which comes into effect from 1st April 2021, is prompting Chinese investors to make their move in the UK property market now.
“Anyone who can bring their transaction forward to 2020 from next year or even later is doing so,” explained Georg Chmiel, Executive Chairman at Juwai.com
“Not only will the holiday expire, but foreign buyer stamp duty rates are set to climb by 2% next year.
“Prior to the stamp duty holiday, travel restrictions and pandemic fears were choking Chinese demand. The stamp duty holiday is a positive electric shock that has brought demand back to life.”
Chimel also added that many Chinese investors are buying property for their offspring to live in whilst studying at university in the UK, even if this is at some point in the future.
Furthermore, Chimel said that build-to-rent developments in regional cities, such as Manchester, are currently experiencing rising levels of Chinese interest.
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