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£5 Million-Plus Home Sales Surge in London
Spotting a window of opportunity for a good deal and a lack of competition across London’s most upmarket neighborhoods, wealthy buyers are snapping up big-ticket properties in droves, according to a report 11th May from Savills.
BY
Realty Plus
Published - Thursday, 13 May, 2021
BY
Realty Plus
Published - Thursday, 13 May, 2021
Spotting a window of opportunity for a good deal and a lack of competition across London’s most upmarket neighborhoods, wealthy buyers are snapping up big-ticket properties in droves, according to a report 11th May from Savills.
The city has seen more sales of homes costing £5 million (US$7 million) or more in the first four months of 2021 than in any year since the market’s last peak in 2014. Between January and April, London’s prime market notched 142 deals on £5 million-plus homes, the data showed. That's one-third higher than the same time in 2020, when 107 sales were recorded, and 65% higher than in 2019, when there were 86 high-end transactions, the estate agency said.
The total value of luxury deals has risen along with the surge in activity. The total spent on the 142 sales during the first four months of the year reached £1.42 billion—32% more than in 2020 and 63% more than in 2019—putting the average deal price at just over £10 million, Savills said.
“Prime central London values looked ripe for recovery in early 2020 after five years of price falls, which left prices around 20% below peak,” Frances Clacy, research analyst at Savills, said in the report. Prices across prime central London are expected to grow 3% this year, the report said. That’s much more muted compared to the recent record gains that have been logged across the rest of the U.K.
Modest price growth “does not appear to have dented the appeal of the city’s very best residential real estate,” according to Clacy. “It now looks as though buyers are themselves calling the bottom of the market and acting on the perceived value—a window of opportunity that could close quite quickly,” he said. “This is particularly true of domestic and U.K. domiciled buyers, who’re able to take advantage of the low levels of competition from overseas buyers until travel corridors reopen.”
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