As the pound fell to a 31-year low, Americans in the UK took advantage of this currency opportunity by buying up more British real estate
- The UK has seen a significant rise in property deals made by the 200,000 US expatriates living in the country
- One accountancy firm has recorded triple the number of deals since the Brexit vote triggered the pound to fall its lowest level for 31-years
- Since 2013 54% of all investment transactions between the US and the UK have been made in Manchester and north-west England
American expats living in the UK have been pouring more money into the country’s property market since the result of the EU referendum.
The vote for Brexit saw the pound fall to a 31-year low. For investors dealing in dollars and dollar-pegged currencies, assets in Britain have since got as much as 15% more affordable, with the pound losing almost a fifth of its value against the greenback.
It’s a currency window of opportunity that many American expats have taken advantage of. Accountancy firm Bambridge Accountants has seen three times more investments made by Americans living in Britain since the result of the vote was announced on June 24th.
Around 90% of these investments were made by Americans who had previously been renting property in the UK, or American homeowners looking to add more properties to a portfolio.
“Sterling’s abrupt fall means that for Americans living in the UK, British property is suddenly on sale, said Alistair Bambridge, Senior Partner at Bambridge Accountants. “Whether they’re making a permanent home here or an opportunistic investment, buying a UK property now has a compelling logic.”
In July, business advisors Deloitte revealed that Manchester and the north-west of England is a hotbed of American investment, with 54% of all transactions between the US and the UK since 2013 made in the region.