London still a magnet for world’s wealthiest says agency

London property is still a draw for the wealthiest in the world according to Knight Frank.

Despite international travel restrictions, the number of new prospective super-prime buyers was 150 per cent higher in May 2021 than it was in January 2020. 

Meanwhile, over the same period, the number of new property listings in the price bracket fell by 25 per cent as owners hesitated against the backdrop of the pandemic

It says that in the six months to the end of April, £817.4m was spent on what it calls London super-prime property - that’s 21 per cent higher than the figure of £677.9m recorded during the preceding six months

There were a total of 45 super-prime deals in the six months to the end of April, compared to 43 transactions in the preceding six month period.

Based on the 12-month rolling average, in May 2021 there were 8.7 new buyers for every new super-prime property listed for sale. This was the highest figure in seven years according to Knight Frank.

Average super-prime prices increased 0.6 per cent in the year to May, which was the first rise in more than three years

Liam Bailey, Knight Frank’s global head of research, says: “Purchasers with a combined budget of £36.8 billion are actively searching for £10m-plus properties right now, representing a rise of 54 per cent compared to the five year average. 

“A combination of lockdown 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. 

“While the figure represents a growth in new demand from new UK and international buyers, there is also a growth in demand from existing luxury home owners 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.”