Data showed ‘visas’ was the most searched for term by advisers in the last week of July, and searches for ‘non-UK residents’ were also on the rise.
The tool, which helps advisers determine whether a particular lender might consider an application from their client, also showed buy-to-let searches for applicants on a visa had also risen by 146%.
This has been since the announcement of a 2% stamp duty surcharge for overseas buyers, which will come in effect in April 2021.
But the stamp duty holiday, announced by the chancellor last month, was also cited as one of the other reasons for the interest from overseas buyers.
SmartrCriteria searches related to applicants on a visa showed a 146% for buy-to-let searches, as well as 97% for residential criteria enquiries since May 2020.
Of the residential visa searches made in July 2020 by advisers, 88% of applicants had a tier two or other working visa and the majority (71%) had been in the UK for two years or more.
Hong Kong buyers
The rise in visa-related enquiries coincides with increased interest from Hong Kong-based buyers as they turn their attention to the UK housing market amidst growing political uncertainty in the territory.
Legal & General Mortgage Club said recent industry data revealed a surge in demand from Hong Kong-based buyers. It said this was likely to grow further following the government’s announcement on 22nd July of a new route to citizenship for 300,000 British National Overseas (BNO) passport holders.
Kevin Roberts, director, Legal & General Mortgage Club, said: “Britain’s housing market is bucking the trend and has faced unprecedented levels of demand since reopening in May, and now figures show that a growing number of overseas buyers are also taking interest in UK property.”
He added: “Our latest figures also coincide with increased interest from Hong Kong buyers, who are now looking to the UK housing market as a ‘safe haven’ amidst political uncertainty in the territory.
“There is an opportunity for advisers to support many of these buyers, particularly if they have little to no credit history in the UK.
“Lending criteria is changing every day in the mortgage market at the moment, and advisers will be key in helping these borrowers and others to cut through the noise and find the best product for their particular circumstances.”
