London’s trophy home market is accelerating, with more properties asking for £10 million or becoming available, according to new research.
There are currently 431 such homes on the market, an increase of 5.1% compared to the same period last year, real estate agent Benham & Reeves said in a report on Tuesday.
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According to the report, the city’s Highgate area, a suburban enclave on the edge of Hampstead Heath’s green space, saw the biggest increase, with the number of super-prime listings increasing by 150% from two to five. That’s what it means.
This was followed by celebrity favorite Holland Park, where the supply of homes priced over £10m increased by almost 44% to 23 properties. The third biggest increase was in central London’s Belgravia, a popular area for foreign buyers, with super prime properties increasing by 32.4%.
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Mark von Glander, a director at Benham & Reeves, said in a report that economic uncertainty and rising interest rates have slowed the overall UK housing market over the past 18 months, leaving the ultra-wealthy in a He said that this is also the reason why people take a negative attitude.
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Buyer sentiment is now starting to improve, he added.
“Buyers are coming back, enticed by improved market stability following four consecutive interest rate freeze decisions,” von Grünherr said. “In response, sellers are also returning to take advantage of this increased level of market activity, with many prime areas of London seeing a notable increase in stock levels for sale.”