Hongkongers Face Countdown on UK Property Tax
Hongkongers hoping to buy UK residential property are facing a double headache regarding investment costs in the coming days: as a new surcharge comes into effect, while sustained demand has pushed house prices to new highs. The UK government will proceed to impose a new 2 per cent surcharge on foreigners acquiring property in England and Northern Ireland as planned on April 1. Even so, stamp duty that was cut to zero in July on some houses, will be extended to June 30. This adds urgency for Hongkongers to seize on as they seek to emigrate from the city amid a clampdown on political dissent. At the same time, UK home prices have risen to new heights – worsening affordability among locals – amid a big push in vaccination programme. “Those who are keen to buy must complete the purchase sooner to take advantage of various incentives, as well as more attractive price points,” said Carol Li, business director at Asia Bankers Club, which focuses on marketing overseas property to bankers. “Demand will remain strong as the UK rolls out one of the world’s fastest vaccination programmes.”
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