Skipton International: UK Rental Property Remains Focal Point for Hong Kong and Singapore Investors
Hong Kong, Singapore and U.A.E. investor appetite for UK property demonstrates continues in 2023 demonstrating resilience amidst financial market volatility
GUERNSEY - Media OutReach - 27 March 2023 - Skipton International, the award-winning Guernsey licensed bank, has revealed that UK property investors based in Hong Kong and Singapore favour London, North West and West Midlands.This is according to data provided by Hamptons, the premier UK estate agent who, along with Skipton International, are part of the Skipton Group.
In 2022, over 600 rental property sales were recorded by Hong Kong (over 400) and Singapore (over 200) investors using the Bank's buy-to-let (BTL) mortgages.
The lion's share of these sales, 40%, were in London, followed by the North West (Leicester, Liverpool, Manchester etc.) at 23% and The Midlands, including Birmingham, Coventry, and Nottingham at 15%. The remainder was split across numerous areas across the UK.
The table below details the buy-to-let property purchases made in key regions during 2022 via Skipton's buy-to-let mortgage support for Hong Kong and Singapore -based investors.
HONG KONG | PROPERTIES | SINGAPORE | PROPERTIES |
London | 157 | London | 102 |
North West | 106 | North West | 34 |
South East | 58 | South East | 20 |
West Midlands | 58 | West Midlands | 38 |
Commenting on the research data, Lorraine McLean, Mortgage Sales Manager, Skipton International, said:
"The findings clearly show Hong Kong and Singapore BTL purchasers see UK property as a safe haven asset class amidst last year's political upheaval and global market volatility. Through introducing new products and competitive mortgage rates, Skipton International offers customers additional opportunities to fund their property portfolios."
These products include Limited Company (Special Purpose Vehicle) buy-to-let lending, Base Rate Trackers, and Fixed Rate mortgages at attractive rates, plus introducing US Dollar savings accounts to provide more choice for customers.
In first two months of 2023, Skipton International has completed on Buy-To-Let mortgages with a value of over GBP44 million from investors based in Hong Kong, Singapore and United Arab Emirates alone. In comparison, the same period last year saw a slightly lower value, indicating house prices are increasing in the UK.
"The UK property market appears attractive to overseas investors for various reasons including a stable and transparent legal system, an appetite for various cities and towns, and the demand for rental properties continues to outstrip supply," added Jim Coupe, Managing Director, Skipton International.
Away from city centres such as Birmingham, Cardiff, Edinburgh, Liverpool, London, Manchester where house prices continue to increase, houses in commuter towns and villages attract higher rental rates.
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About Skipton International www.skiptoninternational.com
Skipton International offers a range of offshore savings accounts and is one of the Channel Islands' leading mortgage lenders for residential Channel Island mortgages and UK Buy-To-Let mortgages for expats and non-UK resident nationals.
It is a two-times winner of the Moneyfacts 'Offshore Bank Account of the Year' award 2022 and 2023, and the Mortgage Introducer 'Top Mortgage Employer' Award 2022.
Skipton International Limited (Skipton), registered in Guernsey: 30112, is a wholly owned subsidiary of Skipton Building Society. It is also part of the Skipton Group, which includes Connells and Hamptons Estate Agents.
The bank is licensed under the Banking Supervision (Bailiwick of Guernsey) Law. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for 'qualifying deposits' up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any five-year period. Full details are available on the Scheme's website www.dcs.gg or on request. To help maintain service and quality, telephone calls may be recorded and monitored.
Skipton International has a customer service rating of 4.7 / 5 according to Feefo, an independent online assessor of customer service, and is a three-times Platinum award winner as a trusted provider.