London’s most exclusive neighborhoods are seeing a new wave of buyers—and they are coming with American accents and dollar signs.
From Notting Hill to Knightsbridge, high-end homes that once sat on the market for months are now being scooped up by U.S. buyers looking to stretch their dollars, park their wealth, or simply settle into one of the world’s most cosmopolitan cities. The surge is not a quiet one. Americans accounted for a quarter of all international purchases in London’s luxury housing market last year, up from 18 percent in 2023, according to Beauchamp Estates, a high-end property agency.
Several forces are drawing them in. A stronger dollar, combined with slumping home prices in the U.K., has made prime London real estate feel like a steal. Political shifts in the United States, including the re-election of President Trump, have also pushed some high-net-worth Americans to look for an overseas bolt-hole. And London, with its familiar language, global appeal, and proximity to Europe, checks many boxes.
“There’s a sense of urgency we haven’t seen before,” said Ugo Arinzeh, an American property consultant based in London. “Where people used to rent for years before buying, they’re now locking in properties within twelve months.”
She has helped clients snap up homes in sought-after locations like Bloomsbury and Knightsbridge. One buyer even closed on a $40 million Notting Hill property—then immediately began hunting for another in the same price range.
A Market Ripe for Bargain Hunters
The rush comes at a time when London’s top-tier property market is wobbling. The U.K. government has scrapped favorable tax rules for non-domiciled residents—people who live in Britain but earn most of their income elsewhere. The move spooked many foreign investors and triggered a drop in demand. On top of that, an increase in stamp duty has made home purchases more expensive across the board.
As a result, sales of homes priced over $10 million have fallen by more than a third this year, according to Knight Frank, a global real estate consultancy. Sellers are starting to feel the pressure. Between January and May, the number of price cuts on homes valued over £5 million shot up by 45 percent, based on data from LonRes.
“This is the most buyer-friendly market I’ve seen in decades,” said Camilla Dell, founder of the buying agency Black Brick. “You’re no longer walking in with the expectation of paying full asking price.”
That might sound alarming to some sellers, but for U.S. buyers, the stars have aligned. While American property taxes and worldwide income reporting can be complicated, they are not unfamiliar. In fact, many Americans are used to stricter tax regimes than what they face in the U.K.
“We’re used to high taxes at home,” said Jo Eccles, managing director of the brokerage Eccord. “The U.K. changes aren’t putting people off.”
Big Bucks, Bigger Dreams
Not all buyers are fleeing the U.S. political climate. Some are diversifying their property portfolios. Others are chasing lifestyle upgrades. Young tech entrepreneurs and crypto millionaires have joined the mix, searching for apartments with historic charm or penthouses with sweeping views of Hyde Park.
And then there are the buildings themselves—some of which come with serious history.
The OWO, once home to Britain’s War Office, now offers luxury apartments that start in the millions and top out at $26 million. Americans are the largest group of buyers there.
“They want more than a home—they want a story,” said Charlie Walsh, the building’s head of residential sales. “Owning a piece of British history appeals to them.”
Newer developments are seeing a similar trend. Shard Place and The Whiteley both report rising U.S. interest.
Hurdles on the Horizon
There are a few snags. The pound has gained strength against the dollar in recent months, eating into the value advantage some buyers thought they had. In one case, a $21 million mansion in central London suddenly became a $23.5 million proposition due to the shifting exchange rate. The buyer tried to renegotiate.
“The perception is that everything here is a bargain,” said Gary Hersham of Beauchamp Estates. “But currency swings can change that overnight.”
Still, London agents say U.S. demand shows no sign of slowing down. Many buyers are thinking in decades, not quarters. And as political instability in other parts of the world continues to rise, the British capital feels like a relative safe haven.
“It’s not a matter of if Americans buy in London,” said Eccles. “It’s when.”
With trophy homes, heritage buildings, and a buyer’s market converging all at once, the city’s old-money streets are welcoming a new crowd—one fluent in dollars, fond of period architecture, and ready to make London home.
