US Buyers Not Deterred By Brexit Or Corbyn

More US buyers are buying prime London property and thy are undeterred by the uncertain UK political climate, a buying agent says.

Black Brick say that they have seen a ‘dramatic rise’ in the number of US clients, with them accounting for a third of their clients over the last year compared to zero in the previous year.

Black Brick say that the exchange rate has been a ‘significant motivating factor’ as dollar buyers are paying around 40% less than several years ago. However, they are also attracted to London’s pre-eminence as a tech business location.

Camilla Dell, Managing Partner, explains: “Our US clients are not put off by Brexit or the threat of a Corbyn government; instead, they view the market as a good buying opportunity.

“Our largest transaction for a US client – over £20 million – was because he had decided to relocate to London and run his technology business from here. After Silicon Valley, London is the next best place for IT entrepreneurs. We have the infrastructure and talent to be able to support companies like this.”

Dell comments: “Trump may, of course, be another factor. While our clients don’t tend to share their political views with us, some of our US clients have wanted to diversify outside of the US, as well as have a bolthole in Europe.”

Historically, US buyers have been sparse in the UK market. However, potentially, they could become a major driving force in the resurgence and future development of the prime central London market.

Source Black Brick
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