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
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
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.