Americans Cash In Strong Dollars to Scoop Up Luxury London Homes
16 November 2022
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US buyers make up the bulk of buyers of prime London property.
One agent says five of last six sales were to American buyers.
The broker's recent sales involve homes in affluent areas including Holland Park, Notting Hill and Chelsea. Three of the properties sold for over £25 million ($29.4 million), while another nearly hit the £50 million mark. At least half of the sellers were British, he said.
"Buyers from the US are making up a large part of the market, especially at the very top end," said McDowell, whose Charles McDowell Properties firm advises wealthy clients on buying luxury London homes. "There is definitely an even stronger UK-US link forming with what seems like a number of hedge funds and other financial businesses moving to London."
Americans made up 14.5% of all overseas prime London property purchases in the first half of 2022, according to data compiled by Knight Frank. That's up from 6.2% in the previous six months and the greatest proportion in data going back to the start of 2018.