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Daily Mail
2 days ago
- Business
- Daily Mail
Americans are all wanting the same thing as they buy mansions in London's richest neighborhoods at cut prices
Americans are now looking across the pond for homes in London 's richest neighborhoods - and there are certain aspects they can't do without. Over the past eight to 12 months, there has been a 25 percent increase in US homebuyers snatching up properties in the United Kingdom, Camila Dell, the managing partner and founder of Black Brick Property Solutions LLC told Daily Mail. Dell, whose firm frequently helps Americans find their dream London homes, said many buyers are after period architecture and modern homes. Similarly, US buyers are also in search of the 'quintessential English life', Ugo Arinzeh, the founder and Managing Director of Onyx Property Consultants, told Daily Mail. Dell also noted that while many people are drawn to the historic properties, there is a 'real mixture' of US buyers looking for modern homes as well. Arinzeh said she has also noticed American clients looking for a key feature that is not all too common in Europe - air conditioning. The amenity has become such a common interest among American buyers that a lot of homes in England have been adding units to appeal to them, Arinzeh said. Both experts said US buyers have been flocking to specific areas in London, including Chelsea, Kensington, Notting Hill, Hampstead and Knightsbridge. Arinzeh added that many American families have shown interest in St. John's Wood. Although some US buyers pay attention to the home's amenities, they are specifically drawn to places that have shops and parks nearby, according to Dell. Americans are 'much more about the neighborhood' than other aspects, she said. For Arinzeh, her clients have been interested in the area, but that has not been their main focus. She noted that many of the popular neighborhoods all have public locations within about 10 minutes. Americans have also moved to the UK because they don't have to pay annual taxes on their home there. In the US, homeowners have to pay hefty yearly taxes for their properties, but in the UK there is a stamp duty - a one-time tax that is paid when the property is bought. Arinzeh said her American clients 'really appreciate that', especially the ones from high-taxed states like California, New Jersey and New York. US buyers have gravitated to London for homes for several different reasons, according to the realtors. According to Dell, many of her clients have shown interest in secondary or vacation homes while still keeping a property in the states. Meanwhile, Arinzeh said she has seen a lot of Americans permanently move to the UK for immigration and political reasons, and also for work. Her clients often search for their 'base home' in England when they have to travel there for work and travel. Overall, Arinzeh said it's 'a good time to buy' as five to 20 percent of homes are being bought below asking price in London. These luxury neighborhoods are not the only England locations Americans have their eyes on, as many have opted for hunting for properties in the Cotswolds - a charming countryside region that's a scenic 90-minute train ride from London. Cotswolds Council leader Joe Harris said Yankees are now 'all over' the area. 'We have an American member on our council,' he previously told Daily Mail. 'Most people in our area know an American or have an American neighbor.' This is reflected in the footfall at D'Ambrosi's Fine Foods store, which sells classic American snacks it's hard to find anywhere else in the UK.
Yahoo
17-03-2025
- Business
- Yahoo
The UK's new £1m property hotspots include this south-east London grown-up hipster favourite
With London's house prices on a go-slow, the place to go to meet a newly-minted property millionaire is Cambridge. In the past year the university city has entered the rollcall of new £1m property markets, along with Chichester and Winchelsea, both in West Sussex. This means that at least 20 per cent of local homes were sold for £1m or more in at least six months between September 2023 and September 2024, according to research from Knight Frank. This is almost three times the national average sale price of average sale price of £343,822, according to Savills. Today's research concentrates on areas where the proportion of £1.5m homes has grown. Central London remains the UK's most expensive location – but many of its postcodes have been dominated by £1m+ sales for decades. The capital's best performer in terms of seven-figure sales in the past year was voguish East Dulwich, where the number of £1m+ sales increased from 26 per cent to 32 per cent of the total as families pile into the area for its good amenities, and green space. 'We have seen a lot of activity, and competition for three- to four-bedroom Victorian family houses near to transport links and good schools,' said buying agent Camilla Dell, managing partner of Black Brick. 'Compared to Prime Central London it is like a different country.' Tom Bill, head of UK residential research at Knight Frank, blames the high cost of borrowing for inhibiting price growth in the UK. In 2022/23 11 locations became new £1m+ markets compared to just three a year later. The locations that did manage to cross the £1m+ threshold are all close enough to London to allow for at least a hybrid commute. Cambridge is a lively, cosmopolitan city with a great range of bars and shops and excellent schools. Trains to King's Cross take from 48 minutes. Chichester and Winchelsea are further away, but both allow buyers to live the dream being close to the sea. 'The enduring appeal of waterfront living has significantly bolstered property values in areas like Chichester and Winchelsea,' said Hamish Humfrey, head of national waterfront at Knight Frank. 'Their relative proximity to London enhances their appeal, providing an accessible retreat from urban life without compromising convenience. The limited availability of waterfront properties in these regions further intensifies demand, leading to notable increases in value.' Knight Frank forecasts that UK house prices will increase by 2.5 per cent during 2025, which should create more £1m+ markets over the next year.
