In anticipation of Brexit in January, upmarket London homes have been selling in record numbers. Buying more than any other foreign nationality are the French.
During the first nine months of this year, the French were the largest foreign buyers of prime central London real estate. Their share of transactions has jumped from 2% in 2019 to 11%, displaying a rush to secure property before the U.K. concludes its Brexit transition period in January.
“Despite the background noise of Brexit, there is smart money in Europe targeting London,” says Tom Bill, head of U.K. residential research at Knight Frank, which published the figures on Monday (19 October). Earlier research from the real estate consultancy showed that 16% more London houses over £10 million ($13.1 million) had been sold compared to the same period last year. Savills also reported selling more £5 million-plus ($6.5 million-plus) houses than