Since Donald Trump’s election victory, American interest in London’s high-end property market has increased significantly. Agents for high-end property in London say they are receiving many calls from US citizens looking to rent or buy high-end homes in nice neighbourhoods.
Top property agents like Becky Fatemi of Sotheby’s International Realty say this wave is being led by wealthy people from cities like New York and Los Angeles. Many of these Americans are eager to rent large homes in popular neighbourhoods like Notting Hill because they are concerned about the state of US politics. They are particularly interested in luxury townhouses and “turnkey” homes, i.e. fully modernised houses that can be occupied immediately.
James Gow of Strutt & Parker believes that this trend will go beyond renting. He believes it will help the market in prime central London (PCL), which is known for its expensive flats. Rich Americans who want to buy homes see London as a safe place to live when things aren’t clear in the US, he says.
The economy is another reason why Americans are more interested. Foreigners want to buy homes in London because the pound is weak against the US dollar. . A Knight Frank estate agent called Tom Bill reckons that Trump’s victory could encourage even more Americans to buy abroad before the dollar weakens. Many people believe that the current situation is a golden opportunity to buy property in the UK at a good exchange rate.
Americans are still keen to move to London for the lifestyle, schools and perceived safety. Families from the United States who are thinking about moving to the city like it because it is seen as a stable place with a good quality of life and good schools.
The number of rental flats is rising sharply, mainly because many American buyers are testing the London market before deciding to buy. This trend, known as “try before you buy”,” has made it more difficult to find a flat in popular areas such as Brighton and Westminster.
When there is war or political unrest in other countries, people from the US will still want to buy homes in London, according to experts. This is because London is seen as a safe place to live. Gow adds: “We expect the US election in early 2025 to generate even more interest, so the market will remain buoyant in the new year.”