- London’s super-prime property market on road to recovery
- Lux buyers have combined budget of US$51.2B to spend
London’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 London’s super-prime luxury homebuyers. According to a just released report from Knight Frank, lux buyers in London’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 Frank’s global head of research, Liam Bailey, “The London super-prime market is seeing a surge of interest. 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.”
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. Knight Frank’s Bailey said, “While 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 COVID’s impact on their lifestyle.”
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
Rightmove’s latest research indicated that the average UK asking price for London’s non-prime market (L336,073) hit a record high for the third consecutive month in June. 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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