Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login At one time, a £32 million ($62 million) deal for a home in the trendy Notting Hill district would’ve raised few eyebrows among London’s high-end brokers, who have seen dozens of similar purchases over the past decade. But amid a slump in luxury transactions this year, the sale stood out – as did the nationality of the buyer: he’s American.
Estate agents looking to sell the city’s priciest homes are increasingly seeing US buyers as their best hope for reviving a market hurt by tougher taxes on the rich . Jo Eccles – managing director of Eccord, which represented the buyer of the Notting Hill mansion in last month’s sale – is among the local real estate brokers who say that political and social challenges across the US, along with a strong dollar, are prompting a surge in migration to the UK capital. A property in London’s trendy Notting Hill district recently sold for $62 million to an American buyer.
Bloomberg “Americans are being much more decisive with purchases, partly because they don’t want to return to the US due to issues such as gun crime,” Ms Eccles said. “With exchange rates in their favour, Americans have already done their number crunching and are armed with their offer, aware of the tax considerations before they arrive. This is a stark contrast to three years ago, when our American clients would typically rent before buying, taking longer to put down roots in London.
” The US is the only international source of higher year-on-year demand this summer, according to a survey of London estate agents by researcher LonRes, with some luxury brokers saying they’re relying on Americans as their primary client base. The share of US buyers purchasing London homes rose to 6.1 per cent in the first six months of the year from 3.
3 per cent in the latter part of 2023 – the second-largest half-on-half increase in the past 12 years, according to data from brokerage Knight Frank. Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Introducing your Newsfeed Follow the topics, people and companies that matter to you.
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