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U.S. Super Rich Are Descending on London’s Luxury Housing Market

Updated: Dec 21, 2019

Hedge fund billionaire Ken Griffin isn’t the only American who thinks now is a great time to buy a London mansion.

The proportion of homes in London’s best districts sold to Americans has almost doubled so far this year compared to 2018, reaching its highest level in at least a decade, according to research by Knight Frank. American buyers are second only to those from China on the list of biggest overseas purchasers of real estate in the city’s prime postcodes, the broker’s data show.

Overseas buyers have benefited from a weak pound since Britain voted to leave the European Union, helping cushion the blow of increased sales taxes.

While much of London’s luxury housing market has continued to struggle over the past four years, there are signs that the most expensive homes are finding buyers willing to commit despite the Brexit uncertainty and benefiting from steep discounts. Ken Griffin negotiated a substantial reduction on the asking price when he bought a 95 million-pound ($120 million) house near Buckingham Palace in January. Read more...

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