Cash buyers driving robust activity at the top of the London market
First published on KensingtonHouse.com on 1 November 2023. Figures, forecasts and quotations reflect that date and have not been updated. Read it as a record of the market at the time, not as a current view.
Savills reports that the market for London’s most expensive homes has remained strong this year, highlighting the resilience of wealthy cash buyers. The agency said there were 390 sales of properties worth £5 million or more in the capital in the first nine months of the year to September – 67% higher than the pre-pandemic average taken over the three years to 2019 – and that this figure included 120 properties worth over £10 million (50% higher than the pre-pandemic average).
“London is being driven by the £1 million-plus market at present, as demand is highest at this price threshold”
“Prime markets generally have remained comparatively robust this year, but the latest data... underscores the remarkable resilience of the city’s prime central locations,” said Frances McDonald, Head of Residential Research at Savills.
Benham and Reeves director Marc von Grundherr similarly observes: “When it comes to current market performance, it’s clear that London is being driven by the £1 million-plus market at present, as not only is demand highest at this price threshold, but so too is the level of stock making its way to the market.”
Kensington House focuses on the 7 key affluent London neighbourhoods of Chelsea, Notting Hill, Fulham, Battersea, Chiswick, Wimbledon and Richmond because we believe these areas offer reliable long-term appeal for a range of buyers and tenants. These areas are well-established places where the wealthy live and socialise and where many more people aspire to live, which keeps upward pressure on property prices even in a high-interest-rate environment.
Editorial note: the company name has been updated to Kensington House. The neighbourhood list reflects the business in November 2023.
Original publication: kensingtonhouse.com, 1 November 2023. The organisations quoted are named in the text; their figures are reported as they stood on the publication date.