£10m-plus properties sold in London have reached an all-time record, in a decade.

2022-07-29

Industry News

Despite the ongoing impact of Brexit, international buyers continue to be attracted to London properties, buying up 61 homes worth more than £10m each in just the first six months of this year. The highest number in a decade, the total value of £10m homes being sold amounts to over £1bn.

Luxury home sales have been completed in parts of London such as Belgrave Square, Chelsea, Mayfair and the King’s Road, according to the Land Registry. Due to the drop in the value of the pound, which has fallen by 11% since the start of the year to $1.20, this has understandably enticed the global super-rich to buy more luxury properties whilst securing themselves an impressive deal.

These 61 sales are the highest since 2011. However, Anthony Paynes, the managing director of LonRes, has said there were 60 similar sales in 2021. Meanwhile, the combined £1bn value figure is close to last year’s but remains almost 50% higher than 2017-19 average.

Numerous luxury apartments in developments in Grosvenor Square and Westminster have also sold for between £15m and £40m according to the promoters. Buying agents say markets have stayed strong despite the absence of Russian buyers due to the invasion of Ukraine.

Numerous luxury apartments in developments in Grosvenor Square and Westminster have also sold for between £15m and £40m according to the promoters. Buying agents say markets have stayed strong despite the absence of Russian buyers due to the invasion of Ukraine.

In effect, more than 10 apartments in Grosvenor Square have sold so far in 2022 at a value between £15m and £40m, according to the promoters. It’s safe to say despite Brexit, the value of the pound falling and the sanctions imposed following the invasion of Ukraine, only confirm that the market is far from suffering.

Source: The Guardian, U.K. Land Registry