Property experts are predicting that the result of November’s American presidential election could have a positive effect on the UK’s prime Central London property market. With many Americans bewildered by the result, combined with a weaker pound in the UK post EU referendum, London is seeing its status as a ‘safe haven’ in which to live and invest reignite.
Martin Bikhit, Managing Director at Kay & Co, commented: “With no language barrier, London and the wider UK is hotly tipped to be a location of choice for those leaving Trump’s domain. The trend of Americans looking to swap the US for the UK has been building, as the combined factors of the US election and the weak sterling make our global and unique city very attractive.”
Central London estate agents, including Kay & Co, have already seen an upsurge in website traffic from America since Donald Trump’s victory. There’s also a suggestion that London could become more favourable not only for Americans but also wealthy citizens from the Middle East and China, who may have previously chosen New York. Additionally, there is concern among global investors that the USA economy will dip or collapse and people will be watching closely to see how the dollar and pound perform over the coming months.
While London’s prime central market has been ‘on hold’ after this year’s stamp duty increase for the most expensive properties, an injection of international buyers will help restore fluidity at the top end and that in turn, will filter down to the wider London home moving market.
Of those escaping across the pond, it will be interesting to see if American relocators choose to rent central London properties or buy in the capital - as yet this is an unfolding scenario underpinned by the thought that in four years time a fresh election will bring a new president.
For now, areas such as Paddington, Marylebone and Regent’s Park will be of particular interest as The American School is located in nearby St John’s Wood. The school offers familiarity and an American curriculum delivered by a first-rate faculty.
If you are making plans to relocate to London or are generally interested in central London properties for sale or to rent, contact Kay & Co today. We represent some of the finest flats and houses for sale in Paddington, Marylebone, Regent’s Park and the surrounding Central London areas.
Image Source: dailymail.co.uk