Prices in London are down nearly 20% over the past year as a result of price declines and currency impact, according to global consulting group Knight Frank.
A property listed at 5 million pounds in Knightsbridge, for instance, would have cost $8.6 million in 2014, but $4 million today.
Dring said American buyers run the spectrum — from older couples looking for smaller apartments, to families looking at studios for a son or daughter attending school in the U.K., to the ultra-wealthy looking for rare properties that make for good long-term investments. Dring said that despite the currency drop, supply of homes throughout the country remains scarce, especially for history country estates.
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