US buyers are taking advantage of exchange rates and saving big on high-end homes.
More dollar-spending Americans are buying high-end homes in affluent London neighborhoods, including Notting Hill“Buyers from the US are making up a large part of the market, especially at the very top end,” London-based real estate broker Charles McDowell of Charles McDowell Properties told. Some of the broker’s recent sales include a £25 million home and another valued at £50 million . The sellers were British, and the buyers, American.
“Activity is primarily focused in the £5 million or more market, where the exchange rate savings really start to count,” adds Richard Gutteridge, co-head of Savills Sloane Street. The pound, which plummeted to an all-time low in September, has afforded the ultra-wealthy an opportunity to score big on multi-million-dollar properties at a discount.
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