THE TRANSATLANTIC MAGAZINE
Sign up to The American magazine's newsletters (below) to receive more regular news, articles and updates on America in the UK.
Brexit Propels US Buyers in London
Analysis by Real Estate firm Knight Frank finds American interest in London property continues to grow
Analysis revealed by real estate agents Knight Frank has shown that US buyers are continuing to invest heavily in London property in spite of Brexit uncertainty. The study follows The American magazine's report that Americans are snapping up London property .
The analysis suggests that a decade ago, on average US buyers "comprised the fifth largest source of international demand" in London property. In 2014, US buyers dipped to seventh place, before rising to fourth in 2018. Knight Frank have now said that US buyers are the second largest group of international buyers in London for 2019, second only to Chinese buyers.
Discussing the analysis, Liam Bailey, global head of research at Knight Frank said "US buyers have been long-term players in the prime London residential market. While the weak pound has undoubtedly aided the recent surge in demand from dollar based purchasers – the real driver has been the strength of the London economy over the past two years. Not only has Brexit failed to have any impact, but over this period London has taken the dominant share of US corporate investment in Europe – leading to a significant uptick in demand for prime property from relocating US employees, entrepreneurs and business owners – especially from the tech sector."
The top five neighborhoods chosen by Americans, according to Knight Frank, include Marylebone (South of Regent's Park) at number 1, followed by Mayfair, Chelsea, Islington and Belgravia.
Chris Richmond, Head of Sales at CIT, the developers behind Regent's Crescent (pictured), said "We have experienced high levels of interest from the North American market. Buyers are attracted to the building’s traditional Regency grandeur, proximity to Regent’s Park and its unique listed new build offering – as a result, circa 30% of the units sold to date have gone to American buyers."