The effects of global economic uncertainty are being seen on the UK property market as Americans look for investment opportunities, following US President Donald Trump’s announcements about tariffs, property website Rightmove has said.
A jump in inquiries from US-based house hunters about homes for sale in the UK has been recorded.
On April 2, Mr Trump, whose second term in office began in January, imposed a 10 per cent tariff on most countries, along with far higher rates on some, arguing the move would enrich the US and balance trade deficits. Days later, he issued a 90-day pause on tariffs for most countries.
Mr Trump and British Prime Minister Keir Starmer last week announced a "historic" deal to lower tariffs on some imports and give each nation access to the other's markets for agricultural goods.
Meanwhile, the number of super-wealthy heading to the UK appears to be declining, as Britain suffered the biggest fall in billionaires on record, according to The Sunday Times Rich List.
The number of inquiries stemming from the US about homes for sale in the UK since the start of the year (covering 2025 so far up to the first week of May) is nearly a fifth (19 per cent) higher than the same period last year, Rightmove said.
Homes in Edinburgh are most commonly grabbing the attention of US-based buyers this year so far, Rightmove’s figures suggest, followed by properties in various London locations.
The number of US-based inquiries for the period is the highest Rightmove has recorded since 2017. The data includes people inquiring about relocating to the UK from the US or buying a second home or buy-to-let property in the UK.
However, Rightmove said the US-based inquiries it is seeing are mainly related to smaller homes, with two bedrooms or fewer, suggesting Americans are seeing UK properties as a possible opportunity for an investment or holiday home, rather than a permanent relocation.
The website also said US house-hunter focus on Scotland marks a departure from the longer-term trend, with London having typically generated the most interest from American buyers over the past 10 years. It suggested lower property prices in Scotland may be attracting potential buyers.
As well as Edinburgh, Glasgow is also one of the most common locations for inquiries from the US.
Glasgow currently sits above the London boroughs of Islington and Kensington and Chelsea for US house-hunter inquiries.
Colleen Babcock, property expert at Rightmove, said: “President Trump’s tariff announcements have led to more economic uncertainty globally and we’re starting to see some of the effects of this on the UK property market.
“Whether it’s because the UK is seen as a more stable investment opportunity, or whether some buyers are considering a permanent move across the Atlantic, we’re seeing an increase in inquiries from the US. While a really interesting trend, it’s important to note that only a very small percentage of all UK inquiries come from the US.”
Toby Leek, president of Propertymark, said parts of the UK “come at an affordable price for many overseas buyers”, as well as being picturesque.
“Scotland is likely to be particularly popular due to its scenic landscapes and the fact that the average home is around £100,000 [$133,070] less compared to that in England.”
Glynn Gibb, regional director at property firm John D Wood & Co, said: “We’ve certainly seen a steady rise in inquiries from American buyers in prime central London, particularly over the past 12 months.
“While it’s not a dramatic uptick, there’s a noticeable trend of high net worth individuals looking to move capital into what they see as a safe and stable market.”
Billionaire fall
The latest publication of The Sunday Times Rich List reveals a third consecutive slump in the number of billionaires living in the UK. The number of billionaires slid to 156 this year from 165 in 2024, representing the sharpest decline in the Rich List’s 37-year-history.
“Our billionaire count is down and the combined wealth of those who feature in our research is falling,” said Robert Watts, compiler of the Rich List. “We are also finding fewer of the world’s super-rich are coming to live in the UK.”
He said he was also “struck by the strength of criticism for [Chancellor] Rachel Reeves’s Treasury” when speaking to wealthy people for the publication.
“We expected the abolition of non-dom status would anger affluent people from overseas," Mr Watts said. “But home-grown young tech entrepreneurs and those running centuries-old family firms are also warning of serious consequences to a range of tax changes unveiled in last October’s budget.”
Britain's Labour government last month abolished the non-dom tax status, referring to UK residents whose permanent home or domicile for tax purposes is outside the country.
Last year, former Conservative chancellor Jeremy Hunt revealed plans to scrap the tax status before successor Rachel Reeves sped up the process.
The annual list of Britain’s wealthiest people was once again topped by the Hinduja family, who are worth more than £35 billion.
However, Gopichand Hinduja and his family, who are behind the Indian conglomerate Hinduja Group, saw their wealth dipping to £35.3 billion from £37.2 billion.
The Hindujas were followed on the list by property moguls David and Simon Reuben, who moved up to second after increasing their wealth to £26.9 billion.
They were followed by investor Sir Leonard Blavatnik, entrepreneur Sir James Dyson and shipping tycoon Idan Ofer.
