Ultra-rich US buyers are poised to revive London’s struggling high-end property market amid a wave of American optimism fuelled by the return of Donald Trump as president.
Peter Wetherell, of Mayfair estate agent Wetherell, said he expected the inauguration to “further fuel the influx of wealthy American buyers into London”, by boosting investment confidence among wealthy buyers and their ability to spend more money overseas.
The stronger dollar has also underpinned a resurgence in interest from US buyers.
Mr Wetherell said: “The inauguration will make a big difference. The Americans haven’t been a buying force in many a year, but they seem to be much more of a force now and spending abroad. There is more wealth, and it’s getting younger.
“Parts of Mayfair and Belgravia are already like ‘Manhattan-on-Thames’ and Donald’s return to the White House will only accentuate this trend.
“The Americans see London as the centre of international life with all business and social facilities at hand on Greenwich Mean Time. And of course, the dollar has incredible buying power.”
The pound endured a poor run against the dollar earlier this year, falling to a 14-month low last week. It has since recovered on expectations that Mr Trump will delay trade tariffs.
Although President Trump wants a weaker dollar, investors and economists broadly expect his policies to strengthen it instead.
Paul Finch, of Beauchamp Estates, estimated that inquiries from US buyers have grown by around 25pc since November, compared with a rise of about 10pc from investors based in the UAE, Saudi Arabia and Qatar, and “static” UK buyer activity.
He said the British Government’s decision to scrap the non-dom tax regime for wealthy internationals, as well as increase stamp duty on second homeowners, has not put off America’s super-rich. By contrast, the policies have dented luxury home purchases from British buyers.
Mr Finch added: “Importantly, it’s about dollar-pegged currencies as well. The Middle East is pretty much dollar-pegged, so they’re starting to raise their heads. What the foreign exchange play does is negate any issues [from policies] that our Government has put in place.”
Data from Knight Frank show an increase in searches from the US for UK properties following the US election, with traffic in November five times higher than the previous year. The busiest day of the year was Nov 5 – election day – when traffic was 20pc higher than any other single day in 2024.
Stuart Bailey, of Knight Frank, said: “We are seeing a pick-up in US buyers, not just enquiries but month-on-month in terms of [property] exchanges.
