Super rich US buyers are
moving into the London
luxury property market in record numbers and spending 50% more than previously,
a report says.
Quoting figures from
Knight Frank Bloomberg claims that the proportion of homes in London’s best
districts sold to Americans has almost doubled so far this year compared to
2018 – its highest level in at least a decade.
The report says that US
buyers now account for 6% of sales in the London
luxury market, making them only second to Chinese buyers. It says they are the
third largest spenders spending £7.3m on average compared to £9.1m for Russian
buyers and £13.4m for Saudi Arabian buyers.
Bloomberg say reasons for
the upswing in US interest,
according to Knight Frank, include the weak pound, the relatively benign impact
of Brexit and the strength of the London
economy. It also says that London
has taken the dominant share of US-European corporate investment leading to
high demand from relocating US employees, entrepreneurs and business owners,
especially in tech.
This isn’t the first
report, of course, which claims US buyers are becoming an increasingly powerful
force in the luxury London
market. What is quite significant, however, is the latest reason why these US buyers are coming – which differs from other
wealthy buyers in London’s
recent past. It seems that US buyers tend not to be oligarchs, nor parking
wealth acquired from potentially nefarious activities. They are here to do