While international investors are reportedly closely watching the U.K.’s housing market for the right time to pounce, following the Brexit decision last week that sent sterling tumbling to its lowest level since the mid-1980s, it appears that there already are big savings to be had.
An analysis by Mansion Global of London’s most expensive property listings reveals that U.S. dollar-backed buyers can save as much as almost $9 million today, compared with just last Wednesday —the day before the referendum on Britain’s membership of the European Union and Britons voted in favor of a Brexit.
A property in the uber-luxe One Hyde Park in central London, which is currently Mansion Global’s most expensive listing alongside a house in posh Eaton Square in the Belgravia neighborhood, would have set back a buyer $81.4 million on Wednesday, but now that has been slashed to $72.5 million.
Cresswell House, a large five-bedroom property in The Boltons section of posh Chelsea, meanwhile, was $55.5 million on Wednesday, but now costs $49 million. It boasts a 15 meter-long swimming pool as well as a gym and spa.
The question on all investors’ lips will be how much more can sterling fall before they act.
| Huge Price Cuts for Dollar-Backed Buyers | ||||
| Location | Listing prices in GBP | Pre-Brexit price in USD(as of June 22nd @1.4802 dollar per pound) | Post-Brexit price in USD(as of June 27th@1.3175 dollar per pound) | Price difference |
| One Hyde Park, Knightsbridge, London | £55,000,000.00 | $81,411,000.00 | $72,462,500.00 | $8,948,500.00 |
| Eaton Square, Belgravia, London | £55,000,000.00 | $81,411,000.00 | $72,462,500.00 | $8,948,500.00 |
| Cresswell Place, Chelsea, London | £37,500,000.00 | $55,507,500.00 | $49,406,250.00 | $6,101,250.00 |
| Wilton Mews, Belgravia, London | £36,500,000.00 | $54,027,300.00 | $48,088,750.00 | $5,938,550.00 |
| Carlton House Terrace, St. James's, London | £35,000,000.00 | $51,807,000.00 | $46,112,500.00 | $5,694,500.00 |
FIVE MOST EXPENSIVE HOMES FOR SALE ON MANSION GLOBAL
Knightsbridge, London
PRICE: $72.5 million
BEDROOMS: 5
BATHROOMS: 5
Belgravia, London
PRICE: $72.5 million
BEDROOMS: 7
BATHROOMS: 6
More:Yes to Brexit: Industry Experts Weigh In
Chelsea, London
PRICE: $49.4 million
BEDROOMS: 5
BATHROOMS: 7
Belgravia, London
PRICE: $48 million
BEDROOMS: 6
BATHROOMS: 6
More:High-End London Brokers Face ‘One of the Busiest Days’ After Brexit Vote
St James's
PRICE: $46.1 million
BEDROOMS: 4
BATHROOMS: 5