Foreign buyers of London’s prime residential property are on the wane.
According to figures from Hamptons, 39% of purchases in prime central London last year were by foreign buyers, down from 55% in 2018. In Greater London it was 23% compared with 35% in 2018.
However, these figures show that the proportion of American buyers in the most exclusive areas last year has risen from 2% to 7% of purchases, whereas EU buyers have declined from 13% to 12%.
The ascent of “Londongrad” also seems to be slowing, with Russian purchases amounting to 2% of overall prime London buys last year, the same as in 2021.
But the “bright young things of Silicon Valley” are flocking to London to buy luxury property, according to Knight Frank, and Beauchamp Estates said half of properties sold at more than £15m last went to US buyers.
