Super-Prime London Property Market Shows Resilience Amidst Economic Changes
The super-prime market in London features homes worth over £10 million. It stays strong despite government changes and a shifting economy. Christie’s International Real Estate (CIRE) finds that high-end real estate in London is busy. This activity stands apart from trends in other UK regions.
Resilience Amidst Tax Reforms
CIRE co-founders Mike Golden and Thad Wong spoke with City AM. They explained that removing the non-dom tax rule did not slow down luxury home buys. Golden noted that more super-prime deals took place in the last quarter of 2024. That period saw twice as many high-value deals as the same time in 2023. This jump marks a clear recovery.
Golden said, "London is London. While 2023 and 2024 were not the best years, the UK luxury market stays strong." Ultra-wealthy buyers in this market do not feel shifts in interest rates or changes in the global economy as much.
Gains from a "Boring but Solid" Reputation
The UK now has a steady image in finance. Political change affects many markets today. Golden sees this steady look as appealing to high-end buyers. Super-prime buyers value a calm market. They feel safe in London. Even if taxes are higher than in places like Italy or Portugal, the calm may ease worries.
Market Growth And Strategic Moves
CIRE stands as a key player in the high-end market. The agency grows through smart moves and steps into new areas. It recently sold a £117 million island in Palm Beach and the historic Bridehead Estate in Dorset for about £30 million. These big sales show the strength of high-end property deals.
The Global View and Concerns
The London super-prime market remains strong. Yet the team shares some worries. They fear that swings in world markets might have an effect. Wong warned that a shaky market can spread fear fast. "Fear grows fast in bad times," he said. This reminder shows that world markets link closely together.
The Road Ahead for London’s Luxury Real Estate
The rise in London’s super-prime market may end a nine-year slow period that began after Brexit. Years of doubt and a pandemic slowed things down. Now, luxury real estate in London moves back toward past levels. Recent findings from Knight Frank confirm this trend.
In summary, as London’s super-prime market grows in strength, new investors may find this time right. Those seeking long-term gains in the luxury sector might see promise. Focusing on homes that hold their value may pay off in the long run. Watching market shifts and the moves of wealthy buyers can give ideas for future steps.
