American buyers are attracted towards prime London properties

LONDON: Super-top-end real estate transactions in the capital city increased by 30% last year, and this trend is anticipated to continue in 2023. (Reported by news source)

America is the largest source of multi-millionaires and billionaires, although there are also wealthy people from Europe, India, and the Middle East. The US Dollar's rise against the British Pound gives American buyers an effective 30% discount on their purchases in London, indicating that they are certainly investing.

In Prime Central London during 2022, American buyers made up 50% of the deals for homes over £15 million in value, spending about £620 million on opulent real estate. Other significant buyers of luxury homes in London during the previous year included Swiss, French, Indian, and Middle Eastern buyers. For sales over £15 million, rising interest rates have increased cash purchases by more than 60%. When compared to 2021 and 2020, when these advantageous "interest-only super-prime mortgages" accounted for the majority of deal funding, this is a considerable shift.

The survey reveals that over £1.97 billion worth of real estate was sold between January 2021 and December 2022.