- Londonâ€™s super-prime property market on road to recovery
- Lux buyers have combined budget of US$51.2B to spend
Londonâ€™s Super-Prime Property Market Searches Jumped +54% Compared to Five-Year Average
Billions in combined pounds (L36.8B) and dollars (US$51.2B) are burning holes in the pockets of Londonâ€™s super-prime luxury homebuyers.Â According to a just released report from Knight Frank, lux buyers in Londonâ€™s super-prime property market have increased their home searches by +54% compared with a five-year average of lux home searches.
According to Knight Frankâ€™s global head of research, Liam Bailey, â€œThe London super-prime market is seeing a surge of interest.Â A combination of lockdowns is easing a rapidly growing economy, sharply improved business sentiment, and a sense that city living is being reignited after a long close-down is helping to drive buyers.â€
Growth in Demand from New UK & International Buyers Plus Existing Lux Owners
A jump in demand of +21% during the six-month period ending in April was stimulated by new UK buyers, international buyers and London’s existing lux homeowners.Â Knight Frankâ€™s Bailey said, â€œWhile the figure (of L817.4M spent in the six months to the end of April) represents growth in new demand from new UK and international buyers, there is also a growth in demand from exising luxury homeowners looking to buy a new, bigger, better, super-prime home to improve and expand their London base, as a response to COVIDâ€™s impact on their lifestyle.â€
The most in-demand neighborhoods over the past 12 months included Kensington (18.6% of super-prime deals happened here), Knightsbridge and Mayfair.
Non-Prime London Market Also Sees Record-High Asking Prices
Rightmoveâ€™s latest research indicated that the average UK asking price for Londonâ€™s non-prime market (L336,073) hit a record high for the third consecutive month in June.Â This figure represents a price increase of only +0.8% m/m., down from the +1.8% price increase in May and the +2.1% increase in April.
Rightmove believes that the overall London market may be beginning to cool off a bit.
Thanks to Knight Frank, Rightmove and MansionGlobal.
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