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New York – London seeing increased investment from buyers from USA

12th November 2018
With the dollar’s strength against the sterling it is no surprise that we are seeing an uplift in enquiries from Americans looking at investment properties in London. The opportune moment to take a trip to New York had arrived and I visited the incredible team working in our Manhattan offices. TV programmes such as Million Dollar Listing show the glamour and drama of the New York and USA property markets, but the real inspiration comes from the Global Property advisors that work for Sotheby’s Realty in the City of New York. Arriving on Sunday afternoon into a fantastic carnival of cheers and support for the New York Marathon runners showed me that this city is one of tremendous camaraderie and multi-cultural awareness. Everywhere I went I was welcomed as one of their own, every local asking me about the UK, Brexit, Nigel Farage, Boris Johnson and the currency. New York and London are not dissimilar, both cities have their transport links, attractions and love of a serious traffic jam in rush hour. Later in my trip I returned from a day at the offices to a fanfare of TV crews, journalists and supporters – I didn’t realise I had made such a splash! Then, it dawned on me that the Andrew Cuomo, Governor of New York, had chosen my hotel as his base for the evening, including a room on my floor. This will probably be the one-and-only time I have the secret service outside my room as I sleep! Andrew Cuomo went on to win the Democratic vote with 59% of the vote his mid-term re-election. I spent two days doing presentations on the London market with a particular focus on a boutique scheme in Covent Garden, our client happened to be in New York at the same time and visited the brokers with me. The reception we received made us feel like kings, I can only imagine how well these guys treat their clients. The attention in the rooms and questions posed to us showed how much these brokers really care about understanding both their local and global markets for their clients. The best brokers in NYC are called Global Portfolio Advisors – truly earning the title, they sell and advise on property transactions in New York, London, Monaco and Dubai to name just a few places. Asian investors currently have the best opportunity to trade at good discounts on the property market with the currency play, but there are equally good opportunities for the savvy USA investor to secure transactions at 15%-20% discount with the right currency and advice on where to buy. Our clients in the UK and USA have shared interests: investors are looking to diversify their portfolios with properties across the globe. They can trust in our Sotheby’s International Realty network because we can personally recommend the individuals around the world who will best suit our clients’ needs. As we continue to meet our global brokers, I am increasingly confident that our clients will benefit from our diversity and reach. I am looking forward returning to New York in a few months as we look to strengthen the NYC-London bond even further.  Guy Bradshaw Director, Head of London Residential  

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