At one time, the £32 million ($42 million) deal for a home in the trendy Notting Hill district would’ve raised few eyebrows among London’s high-end brokers, who have seen dozens of similar purchases over the past decade. But amid a slump in luxury transactions this year, the sale stood out — as did the nationality of the buyer: he’s American.
Estate agents looking to sell the city’s priciest homes are increasingly seeing US buyers as their best hope for reviving a market hurt by tougher taxes on the rich. Jo Eccles — the Eccord Ltd. managing director who represented the buyer of the Notting Hill mansion in last month’s sale — is among the local brokers who say that political and social challenges across the US, along with a strong dollar, are prompting a surge in migration to the UK capital.