Member Article

Falling Sterling makes London property a big draw for Americans fleeing Trump

The significant drop in Sterling since the EU referendum has shaved thousands of pounds off the dollar price of the capital’s homes and made London’s property market a tempting proposition for those across the pond.

According to new data released by Stirling Ackroyd, the average cost of a home in London for Americans has fallen by 9.2% year-on-year with the typical home now being $62,000 cheaper than last year.

The average London home now costs $612,896 in USD, although this jumps up to $2.07m on the fringes of the City of London, still significantly cheaper than the $2.26m the same property would have commanded 12 months ago.

It comes after a recent poll revealed that 28% would consider leaving the country were Donald Trump to win the presidency, meaning the capital’s declining property prices could become the go to destination for Americans dismayed by the election result.

Nick Davies, Head of Residential Development at Stirling Ackroyd commented: “For Americans left cursing Clinton or terrified of Trump, it’s worth considering a move to London.

“The recent fall in the value of the pound against the dollar means there are great deals available in the London market for buyers from across the Atlantic. While the Capital’s house prices have risen 13% year-on-year for domestic buyers, those using the dollar will find homes in London are almost 10% cheaper than a year ago.”