Home News More Americans Are Buying Luxury London Properties as the Pound Weakens – Robb Report

More Americans Are Buying Luxury London Properties as the Pound Weakens – Robb Report

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From absurdly high mortgage rates to inflation, now may be the worst time to upgrade House in the United States. but, England, that’s another story. Wealthy Americans are much more likely to get prime real estate if they buy in the UK, meaning they pay in dollars rather than pounds.

Buying Luxury Homes in Central London soared in direct response to thinking pound As more US citizens head abroad to take advantage of the exchange rate.In the first half of 2022, Americans accounted for 14.5% of all overseas prime London property purchases, according to data from Knight Frank. For context, this is his 6.2% increase over the last six months.nest seeker too reported a spike Inquiries from US investors increased by 50%. Holland Park, Notting Hill, Chelsea It attracts the most interest from wealthy buyers looking for prime properties.

More dollar-spending Americans are buying luxury homes in London’s affluent neighborhoods, including Notting Hill

Chris Harris/UCG/Universal Image Group/Getty Images

“Buyers from the US make up the bulk of the market, especially at the top,” said Charles McDowell, a London-based real estate broker at Charles McDowell Properties. bloombergThe broker’s recent sales include a £25 million ($29.4 million) home and a home worth £50 million ($59 million). The seller is British and the buyer is American.

Richard Gutteridge, co-director of Savills Sloane Street, said: The pound plunged to all-time lows in September, giving the ultra-wealthy the chance to buy multi-million dollar properties at discounted prices. It is clear that savings alone are reason enough to cross the pond for those with

A Texas couple said bloomberg This favorable situation allowed them to make money with a two-bedroom near Notting Hill where they planned to retire and live full-time. savings can be even greater.

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