Property sales at the top of London’s property market increased strongly in 2018
The top end of the residential property market in London saw remarkably robust levels of sales last year despite Brexit concerns, particularly for homes above £15 million, a new analysis shows.
In the £15 million plus sector sales increased by 43% year on year to a total value of £2 billion in 2018 compared with £1.4 billion in the previous year. Above £15 million prices have fallen by 22.6%.
Overall there was a total of £4 billion sales in 2018 in the £5 million plus sector of the market, a rise of 10% year on year, according to the latest market intelligence report.
But prices are still down, with the analysis showing that values are down by 19.4% since their peak in 2014. But it adds that this makes the super prime property market attractive to overseas buyers, particularly non-sterling buyers.
Despite the backdrop of political uncertainty and a less welcoming tax environment, these figures are clear evidence that London remains an attractive place for a growing pool of international high net worth individuals to live and conduct business.