In Pictures via Getty Images Foreign buyers are flocking to buy luxury homes worth more than £20 million in central London while the rest of the property market in the British capital has stalled due
In Pictures via Getty Images
The Knight Frank report suggests that Brexit-proof buyers are going large thanks to downward pressure on the pound, which means those with cash in dollars can enjoy big savings., the billionaire founder of hedge fund Citadel bought a £95 million London home near Buckingham Palace. Having already driven the price down from £145m, Griffin enjoyed a significant currency discount with the pound 14% lower against the dollar since the Brexit referendum in 2016.
The trend at the middle of London prime property market points to both buyers and sellers watching and waiting for clarity on the outcome of Brexit, says Knight Frank’s Rory Penn who describes the current political turmoil as “peak uncertainty.”Knight Frank claim that with more ultra-high-net-worth individuals based in London than in any other global city, the market is often supported by the world’s most wealthy looking to London for investment in “real” assets.
Outside of the Mayfair and South Kensington bubble, London’s property market faces Brexit headwinds. In March this year real estate portal RightMove reported that London prices had fallen 3.8% year-on-year.
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