According to international property company JLL, Hong Kong buyers were the biggest investors in UK property during the first quarter of the year.

JLL’s report, Global Capital Flows – Q1 2017, stated that UK property transaction volumes were at their highest level for two years, mostly due to Asian buyers making the most of the opportunity to snap up British properties at a discounted cost.

How the Northern Powerhouse is creating property investment hotspots

“With the sterling depreciation and slight drop in capital values, Asian investors – particularly private buyers from Hong Kong and China – have been the most active in London since last year’s Brexit vote,” commented David Green-Morgan, JLL’s head of research for global capital markets.

“The depreciation and capital values drop means that UK commercial real estate is now discounted by 16% on average to overseas capital since the June 2016 referendum. The net yield of city prime buildings is also very attractive.”

Buyers from Hong Kong spent almost £2.3 billion on UK property during the first quarter of the year. The most popular properties for this demographic were offices located in the City and West End of London.

How will the sterling flash crash affect Britain’s housing market?

American property was also popular with Asian investors, stated JLL.

“In line with recent trends, Asian buyers were among the most active investors in the US, with investors from Singapore, Japan and China driving most activity,” added Green-Morgan.

“Investors from Singapore and Japan acquired offices in New York, Boston and Washington DC, as they renewed their focus on core assets in global gateway cities.”