Data from a prominent luxury property estate agency suggests the weak pound since the Brexit vote has encouraged high sales volumes to some foreign buyers.

Beauchamp Estates says that in 2016 – when the EU referendum was held in the UK – American buyers effectively benefitted from a 7% price discount due to the strength of the US dollar against the pound. 

In 2024 this has grown to an 18% price discount. 

The exchange rate benefit is similar for Middle East buyers, since the Qatari and Saudi Riyal and UAE Dirham shadow the US dollar, so Gulf buyers have also seen their buying power dramatically increase due to exchange rate shifts.

The agency says this is part of the reason why Americans and Middle East purchasers account for almost 50% of all super-prime (£20m-plus home sales) in London this year, up from 36% in 2023.

Beauchamp Estates’survey found that in London, American buyers currently account for 25% of all the sales of homes priced above £20m (€24m Euros), the largest of any overseas buyer group by country of origin, followed by buyers from the Middle East, who account for 20% of all sales. 

American families buying homes in London tend to like living in large family houses or family apartments, ideally new build or newly refurbished, in Notting Hill, St John’s Wood close to the American school, and Chelsea. American billionaires tend to choose mansions, lavish pied-a-terres or penthouses in Belgravia, Mayfair, St James’s or Regent’s Park.

For example American fashion billionaire Tom Ford has recently purchased a mansion in Chelsea, in an £80 million deal, billionaire financier Ken Griffin owns homes in Belgravia and St James’s, whilst American billionaire Todd Boehly, the co-owner of Chelsea Football Club, owns a home in Belgravia. 

Beauchamp Estates recently sold an £8 million penthouse in Mayfair to American firm Pacaso and earlier this year an £11.5 million duplex residence on Charles Street in Mayfair to an American family, the husband works in finance.  

The agency also found that the proportion of £20m plus sales to buyers from the UK fell between 2024 and 2023, from 12% to 10%, and likewise for buyers from Eastern Europe (13% to 8%), Western Europe (6% to 5%) and from India/South Asia (23% to 20%). 

Only buyers from China and Hong Kong grew in number, up from 10% to 12%.

Paul Finch, Director and Head of New Homes at Beauchamp Estates observes: “Alongside the younger generation of buyers from Middle East there are also buyers aged between 40 to 60 who will typically spend between £10m and £30m on buying a house, villa or large luxury apartment in London.

“The most popular addresses in London with Middle East buyers are Mayfair, Belgravia, Knightsbridge and the Hyde Park estate. We find buyers from the Gulf love living close to the green acres of Hyde Park. Middle East home buyers like to live within walking distance of seven key retail streets in London which are extremely popular social hubs for Middle East residents and visitors. 

“These are Mount Street and Duke Street in Mayfair; the Edgware Road by the Hyde Park Estate; Motcomb Steet and Elizabeth Street in Belgravia and Basil Street and Brompton Road in Knightsbridge. These seven locations are where residents from the Middle East come to visit the local coffee bars, cafes and food delis and to meet, relax and socialise.”