There has been a sharp rise in the number of Hong Kongers buying property in London, according to Benham & Reeves.

The company reports that the number of people form Hong Kong purchasing property in the capital has more than doubled since the announcement of a new visa offering residents of the territory an opportunity to move to Britain.

A visa scheme to allow Hong Kong residents to come to the UK opened earlier this year, with some 300,000 people expected to apply.

The visa, which is open to holders of a British National (Overseas) passport and their immediate dependents, will offer a fast track to UK citizenship.

The UK launched the new visa after China imposed a new security law.

Those who apply and secure the visa will be able to apply for settlement after five years and then British citizenship after a further 12 months.

About 7,000 people from Hong Kong have already been allowed to settle in the UK since July last year, the Home Office said.

According to Land Registry data, Hong Kongers bought 1,932 homes in London in the period July 2020 to April 2021, against 793 in the same period a year earlier.

Benham & Reeves said it estimated that buyers from Hong Kong had accounted for an estimated 4% of activity in the market since July 2020, up from a previous 1%.

Marc von Grundherr, director of the estate agent, said: “The UK has always been a popular destination of choice for Hong Kong investment into bricks and mortar. This has certainly been bolstered by the offer of the BNO visa and for the first time in some thirty years, our Hong Kong office saw more interest from those looking to buy versus those looking to invest during the first quarter of the year.

“Many are doing so with an eye on the future, laying the initial foundations required for life in the UK. Some of this activity is being seen in the very high-end London market, but in fact, much of the demand coming from Hong Kong is focussed around more average market price thresholds.

“We expect Hong Kongers to continue to grow in prominence where the international make up of the London property market is concerned, with many more transacting in the coming months as we see an easing of travel restrictions.”