New York has replaced London as the city attracting most cross-border investment, due to weakening appetite for property in the English capital prompted by high prices and the Brexit vote, according to Cushman & Wakefield.

The London metropolitan area attracted $24.88bn (£20bn) of overseas property investment in the year to June, which was marginally less than the $24.89bn investment that went into New York during the same period.

It is the first time overseas property investment in New York has surpassed the English capital since 2007, according to Cushman & Wakefield’s analysis, which was based on data from Real Capital Analytics. A year earlier, London had attracted $39.4bn (£31.8bn) compared with New York’s $15.8bn (£12.8bn).

“Investors are very focused on the best-quality property in the best cities, but there is only so much of that sort of property around,” said David Hutchings, head of European investment strategy at Cushman & Wakefield.