Wealthy US nationals buy properties in London to escape Trump's America

US buyers who used greenback received a 38% discount while buying properties in main areas of London, making US dollar play an important part in these purchases.

A large number of wealthy US nationals are purchasing properties in London planning to escape President Donald Trump's America.

According to The Wealth Report by Knight Frank, Americans accounted for 11.6 per cent amongst all overseas buyers in London during the last three months of 2024.

Tom Ford, the American Fashion Designer, was amongst the buyers who spent £80 million to buy a Chelsea mansion in November 2024.

According to media reports, the rise in rich American buyers applying for citizenship in UK hit an all-time high after Trump's return to the White House.

Data has revealed that 6,100 applications were filed last year, and the number of applications rose by 40 per cent in the last three months of 2024.

According to Knight Frank's report, US buyers who used greenback (slang word for US dollar) received a 38 per cent discount while buying properties in main areas of London, making US dollar play an important part in these purchases.

The discount came as the average house prices in London had dropped by 1.1 per cent in February leading to a decline in the number of deals by 5 per cent.

According to media reports, Knight Frank's Head of UK residential reseach Tom Bill suggested that UK could make itself stand out as an appealing destination for international investments if it manages to elude the trade war between the US and European Union (EU).

"Demand for prime London property comes from a broader base of buyers than non-doms, but the UK is arguably sending the wrong message to the rest of the world at the wrong time," Bill said.

According to a report by This Is Money, after the US elections, American buyers make up one in five of buyers at The Whiteley apartments in the former department store near London's Hyde Park.