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US homebuyers are looking for UK bargains and discounted by a weaker pound.

US homebuyers are looking for UK bargains and discounted by a weaker pound.

 


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US homebuyers are looking for affordable prices in the UK. This is because the weaker pound contributes to double-digit price cuts.

The British currency depreciated by 17.5% against the US dollar by the beginning of the year, making UK real estate more affordable for buyers paying in US dollars. According to real estate broker and advisory firm Knight Frank, prices in London have fallen by nearly 20% in the past year due to falling prices and the impact of exchange rates.

Related Investment News What can be bought and sold amid UK market turmoil, money managers say.

Brokers and real estate experts say the decline has created a rare investment opportunity for Americans to buy into the UK market, whether it’s a $400,000 London piater or a $30 million historic rural property.

“We’ve seen a steady increase in Americans,” said Paddy Dring, Knight Frank’s Global Head of Prime Sales. He continued, “Some people use this plan for long-term investment plans to diversify overseas.”

Knight Frank said the combined price drop and currency depreciation created an effective discount of 19% in London’s popular Chelsea area and 17% in Knightsbridge.

Compared to 2014 when the British Pound was $1.71 and the real price in London was 13% higher, the discount is even greater, with more than 50% discount in Chelsea, Knightsbridge and Notting Hill. Knight Frank’s study of housing. The Kensington and Mayfair areas received more than 45% discount.

For example, a property listed on Knightsbridge for £5m was $8.6 million eight years ago, but today it is $4 million.

The savings are even greater for the largest and most expensive properties. Billionaire CEO and Blackstone Chairman Steve Schwarzman bought a 2,500-acre historic estate in Wiltshire County, about 90 miles west of London, for £80 million. The film’s drop means he could save up to $20 million or more on purchases compared to his last year.

Dring said US buyers diversify the spectrum, from older couples looking for smaller apartments to families looking for a studio for their son or daughter going to school in the UK, to the ultra-wealthy looking for rare properties that make good long-term investments.

“We don’t see a lot of pure speculation,” he said. “Buyers are usually driven by business or education or lifestyle.”

But there is a national housing shortage, Dring said, especially when it comes to historic national real estate.

But for those with the money, it can be a significant savings. Brokerage Savills has listed one of the UK’s most historic properties on a 1,922 acre site called Adlington Hall in rural England. The building spans 6 farms, more than 20 residential buildings, event spaces and a town hall. It was once owned by the British Royal Family and belongs to the same family for over 700 years.

Required price: £30 million or around $33 million at today’s exchange rate. That’s more than $6 million in savings for US buyers compared to a year ago.

Sources

1/ https://Google.com/

2/ https://www.cnbc.com/2022/09/30/american-homebuyers-find-uk-bargains-discounted-by-a-weaker-pound.html

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