The market for newly built luxury homes in London has been in the doldrums for almost five years, battered by oversupply, tax changes and worries over Brexit.

Now, though, it has received a boost from a territory whose political troubles have eclipsed even the UK’s: Hong Kong. Residents of the semi-autonomous Chinese city have been buying up London homes, while in the commercial property sector purchasers are eyeing big deals, according to analysts and estate agents. The turmoil in the former UK colony stemming from anti-government protests has revived longstanding links with London and made Brexit appear comparatively unthreatening, propelling a fresh wave of buyers westwards.

“We are seeing masses of [Hongkongers] again,” says Steven Herd, chief executive of MyLondonHome, an estate agent. “What is going on in Hong Kong is driving people to look for a safe haven. It is partly about wealthy families making sure they have property elsewhere that is suitable for them to move into at short notice, and partly about them wishing to get their funds out of a volatile region.”