US Super Rich Moving Into London En Masse

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 business.

Source Bloomberg
You might also like