Americans buying more London property
As much as four in ten properties valued over $15 million were bought by Americans, UK Sotheby’s International Realty has revealed. US buyers included tech entrepreneurs to second home buyers, corporate executives, and young families.
Historic areas including Notting Hill, Holland Park, St James’s, Belgravia, and Knightsbridge, were particularly appealing to Americans.
“For many of our US clients, they see London as a safe haven compared to the US, where anyone can own a gun,” Camilla Dell, managing partner of buying agency Black Brick, said. “There has also been an explosion of wealth in the tech sector in the US. When people get wealthy, they buy assets, and London is a key recipient of that.”
Around a fifth of Black Brick’s luxury London buyers are Americans, primarily from the West Coast such as California. Gun crime as well as London’s “superior” infrastructure, along with the wealth within the tech sector, were among the reasons they chose to leave the US. And while the pound has been strengthening, exchange rates continue to appeal to Americans.
“I have just worked with some American clients,” Tom Kain, partner at Black Brick, said. “They have got three young children, and they are considering living over here for a year just so that they can have the experience of living overseas and being in London. Americans really are a key client base.”
For foreign buyers, dismantling the Non Dom system, Capital Gains Tax, Stamp Duty surcharges for overseas buyers, and Inheritance Tax were all important factors in their decision to buy a property in the UK.
“We are certainly busy – we had a record number of enquiries over the Bank Holiday weekend,” Dell added. “But at the same time I do think there are definitely some clients who are waiting for the budget, so they can see exactly what the changes look like.”
