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US buyers of central London property snag ‘discount’ with favourable exchange rates

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Mortgage rates have continued falling despite a rise in bond yields.
Experts suggested banks had been slow to react to lower rates over the summer.

US buyers of central London property are snagging an “effect ‘second’ discount” of around 12 per cent thanks to recent exchange rates, according to real estate investment advisory London Central Portfolio.

The pound was at its lowest against the dollar since March 2020 this morning.

Flats and houses in Mayfair and Marylebone are said to host the greatest discounts, the firm said in its latest market review.

The price of a flat in central London has shrunk nearly 10 per cent since its 2015 peak at £1.15m. While house values stand some 1.7 per cent below the peak at an average of £3.87m.