London’s Luxury-Home Market Looks to Rich Americans to Save It

At one time, the £32 million ($42 million) deal for a home in the trendy Notting Hill district would’ve raised few eyebrows among London’s high-end brokers, who have seen dozens of similar purchases over the past decade. But amid a slump in luxury transactions this year, the sale stood out — as did the nationality of the buyer: he’s American.

Estate agents looking to sell the city’s priciest homes are increasingly seeing US buyers as their best hope for reviving a market hurt by tougher taxes on the rich. Jo Eccles — the Eccord Ltd.managing director who represented the ...