Americans are grappling homes in this great European capital – thanks to the affordable residence prices

Americans are coming! Americans are coming!

American buyers are going through the pond and descending the descended London palaces into a growing clip. New tax policies in the UK capital dismissed international buyers last year, reported Wall Street Journal, but its transatlantic neighbors came into force.

Americans constituted the largest group of buyers in London from abroad last year, accounting for 25% of high -house purchases, according to the Beuchamp estate Luxury Agency. The pronounced growth, from 18% to 2023, is supporting the city through a market dip.

The latest flight of international buyers from London can be linked to the return of a tax gap for centuries, the newspaper reported. According to the so-called “non-domain” rule, ultra-rich foreigners only pay taxes on domestic income. The UK government eliminated the gap in April.

Data published by Knight Frank, quoted by newspapers, documented with 37% drop in sales among properties worth more than $ 10 million in the first quarter of the year.

The latest report by Beauchamp Estates indicated that instead of paying, the plane deployment class traded on their UK dams in Dubai, Milan and Miami.

London high -level retailers then reduced prices while inventory was collected. Excessive supply and lower prices did not go unnoticed.

London agents told the diary that they are receiving an unprecedented number of questions from the US -based clients, accustomed to large property taxes, still finding their money go away to the historic city.

Americans in London’s house hunting tend to gravitate to idyllic neighborhoods dear from Hollywood – Think Kensington, Chelsea and Notting Hill. Luxury houses in historic buildings also attract a large number of Americans.

Local agents told the magazine that US buyers cite crime growth, cost of living and political concerts in the US among their reality to reduce roots in the United Kingdom.

High -profit migrants will also find a slightly more elbow room in London. A $ 1 million budget will buy you more square routes in London today than it can, magazines reported, and house prices are relatively cheap compared to other global cities like Geneva and Singapore. Favorable exchange rates between the dollar and the pounds further sweetened the pot for Americans.