London’s Luxury Home Sales Hit 10-Year High

The number of offers on London’s luxury homes has hit a 10-year high, as demand shifted back to the capital in November as the pandemic appeared to be receding.

According to Property Reporter, sales in prime central London were up by 11 per cent on figures from November 2020, while the luxury market in outer London saw an increase of 24 per cent, figures from property consultancy Knight Frank report.

However, new uncertainty surrounding the omicron variant may still dampen enthusiasm for the market, the consultants warned, with some overseas buyers already delaying viewings until after Christmas and the New Year.

“Activity has picked up dramatically across the board,” said James Clarke, head of London sales at Knight Frank.

“In the last few weeks, a large number of deals have come to fruition.”

The property market in the capital took a beating during the pandemic, compared to the rest of the UK, as buyers left cities to find properties with more space and gardens.

However, the easing of coronavirus restrictions led to a resurgence in the market, with the ratio of demand of new prospective buyers to sales instructions reaching its highest level in November since the start of the pandemic.

Knight Frank suggests the ‘upward pressure on prices’ will be maintained.

London also recorded the biggest UK annual increase in the number of new prospective buyers in the three months to November.

Price growth has solidified across many London markets with average prices in prime central London up 1.2 per cent on the year for the second consecutive month in November.

The biggest rises remained in outer London as space and outdoor areas remained priorities for buyers, with annual prices up the most in Wimbledon at 11.4 per cent, Richmond at 7.3 per cent and Queen’s Park at 6.6 per cent.

In central areas, the biggest rise was in Islington at 6 per cent followed by South Kensington at 3.6 per cent.

 

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