Saturday, August 13, 2022
UK

London properties selling for record sums as pound drops

London properties

The total value of £10mln-plus homes changing hands exceeded £1bn as the slide in the value of the pound encouraged the super-rich to pile into the UK Capital

International buyers purchased 61 luxury London properties each worth more than £10mln each in the first half of 2022 – the highest number in a decade.

The total value of £10mln-plus homes changing hands exceeded £1bn as the slide in the value of the pound encouraged the super-rich to pile into the UK Capital.

A 12-bedroom mansion on Belgrave Square sold for more than £90mln with both seller and buyer’s agents confirming the sale though it has not yet been recorded by the Land Registry.

As a number of foreign embassies are located in Belgrave Square, which is between Buckingham Palace and Harrods, it is popular with wealthy overseas families.

According to Land Registry filings analysed by property service LonRes, other ultra-luxury homes sold this year include a mansion on the Boltons in Chelsea that sold for £42mln, a King’s Road pad for £40mln, and a Mayfair home near Hyde Park for £40mln.

Since the start of the year, the value of the pound has dropped by 11% to $1.20, attracting overseas buyers looking for ‘a deal’.

As Anthony Payne, managing director of LonRes says “a hell of a lot of money” is chasing very few properties, which is pumping up prices.

The rich have a lot of money at the moment. Governments have thrown in huge liquidity, and whilst a lot of people are in pain financially, a lot of rich people have a lot of money to spend. They want to put it into property and lock in while interest rates are low, said Payne.

Stating that buying agent searches for super-prime properties are at their highest level ever, he said a single agent was appointed by three Chinese buyers who each had a budget of £20mln.

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