US buyers capitalise on currency discount

Buyers from the US continue to move against the tide, since the US is virtually unique in imposing worldwide taxation on its citizens regardless of where they live. Demand from American buyers has been building steadily during the last 12 – 24 months and they now account for almost 30% of our clients. London’s culture, world-class education system and strong legal and financial framework are a powerful draw, as well as the absence of gun crime.

Where Americans typically used to rent for prolonged periods before putting down roots, they are now exhibiting a new decisiveness and committing to purchases straight away. Currency discounts of 10% are a motivating factor driving this trend. They fall largely into two categories: buyers spending £2m - £6m on a London base, and families relocating and putting down long term roots in London with budgets of £10m upwards.

On a property viewing tour with an American buyer last week, after running through the considerations of buying here versus other global cities, he stated, “there’s only one London,” which succinctly sums up the perspective of many HNWs as they weigh up their options.

We have also had our first client seeking a rental home in London as a result of the LA wildfires. Whilst their own LA home was undamaged, they are concerned about the immediate health implications of breathing toxic smoke and the decimation of the community, which will take years to recover and rebuild.