Donald Trump’s victory in the US Election could serve to drive up demand for property in sought-after areas of London, according to real estate consultancy Knight Frank.
Given that he is such a controversial figure, it’s likely he could drive some wealthy Americans out of the country.
His policies are expected to have an inflationary effect on the US dollar.
Tom Bill, head of UK residential research at Knight Frank, said: “The US election may provide some opportunities for prime UK residential markets.
“In addition to having a high deficit, Trump said he wants a weaker dollar to make the US more competitive.
“That would mean the window of opportunity for overseas buyers in the UK looking to take advantage of how weak Sterling has been since the Brexit referendum of 2016 may start closing and plans may accelerate.
“Indeed, Savouri expects China to challenge the global dominance of the US dollar next year.”
He added: “Beyond that, a number of Democrats and high-profile individuals may decide to move to London and live under a government more aligned with their political views.
“After all, the party raised more than a billion dollars during the election campaign, which was three times higher than the Republicans.
“Tensions in the Middle East may also heighten following Trump’s victory, which means a number of buyers from the gulf may start looking more closely at London.”
After the US election concluded, UK gilt yields, which influence mortgage rates, rose slightly, while the US dollar strengthened against the pound.
Trump has vowed to impose tariffs, reduce reliance on imported labour, and lower taxes.
This will be his second term as US President, while he will be inaugurated on January 20 2025.
