US demand doubles for UK prime property

Demand for prime London property from Americans doubled between September and October due to favourable dollar exchange rates and increased investor appetite, Nest Seekers International claims.

The agent said it has responded by launching a London desk in New York and by bringing American agents to the capital to bridge the markets in 2023.

The luxury agency brand currently has £36m of property deals under offer to North American buyers lined up for November, with Mayfair, Regent’s Park and Marylebone identified as prime locations.

Nest International said demand has been boosted by favourable exchange rates, a current need of diversification of portfolios and perceived safety of the British market.  

The global property brokerage has brought two of its American agents to London, Shelby Coleman working on the East Coast and Natalie Hernandez from the West Coast, who will be tasked to bridge the markets on both sides of the Atlantic throughout 2023. 

Daniel McPeake, managing director of Nest Seekers in Europe, said: “In the past year alone, we have stepped up our focus on the mobility of agents and services between New York and London with both markets consistently buoyant despite external economic challenges. 

“Earlier this year we launched our London desk in New York which has created a strong network of alliances facilitating demand both from the US to the UK and vice versa, allowing our agents to respond immediately to the fluctuating pound. 

“Having Shelby onboard as our mobile connection between New York City and London is a natural step for Nest Seekers International.”  

Explaining the appeal for US buyers, Coleman said: “American investors who are buying in dollars are saving 16% on currency fluctuations since the start of the year which is unprecedented and buyers across the pond know this. 

“I am seeing a range of clients from investors to families reach out to make that purchase whilst there is a guaranteed high rate of return. 

“Being able to visit these properties in person in both locations is key to building on the ground client relationships and I am looking forward to taking the pound product back to New York as well as bringing our American investors to the best properties London has to offer.” 

Hernandez added: “Moving from Beverly Hills, Texas or New York City to London means that as agents, we have an agility between the UK and US markets over our competitors and is something Nest Seekers prides itself on. 

“I am looking forward to selling London’s premium property directly to my overseas investors who I have long-standing relationships with and who play a significant role in the prime central London market. 

“Right now, we are also seeing interest from young professionals as travel has opened up and a want to increase property portfolios and I am excited to get started on guiding them to the best investments available in London.”