Real Estate
Foreign Grip on London’s Luxury Homes Tightens as UK Buyers Wait
- Asia, EU buyers boosted the share of foreign purchases in 2023
- Domestic buyers sat tight as borrowing costs, inflation surged
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Foreign home buyers took over more of London’s luxury housing market last year while domestic demand dwindled.
International buyers purchased 45% of homes sold in central London’s most affluent postcodes in 2023, up from 39% in the year prior, according to Hamptons International data seen by Bloomberg. The change was driven by a larger share of buyers from Asia and the European Union, with the former making up almost a third of overseas home purchases in both prime central areas and Greater London — the highest level in five years.