Skipton International has reported a large increase in demand from Hong Kong residents purchasing UK buy-to-let properties.

In the first quarter of 2021, mortgage completions trebled when compared to the same period of 2020.

The Guernsey-licensed bank reported that both London and the South East of England were the most popular locations for purchasers, closely followed by the North West and Midlands.

The additional 2% surcharge on overseas buyers of UK residential properties (which came into effect on 1 April 2021) and the original stamp duty land tax holiday deadline are most likely to be the cause of the increase, however demand is continuing, as investors look to the UK.

Roger Hughes, Skipton International’s business development manager, said: “The UK is deemed by many as a solid, stable jurisdiction and in the current low interest rate environment, many investors are looking to the UK residential market.

“In 2019 we extended our UK mortgage proposition to include applications from non-UK national’s resident overseas, we are now seeing increased activity from not only British expats, but also other nationalities, including Chinese nationals’ resident in Hong Kong.”