Homes worth £5 million or more are still flying off the shelves, proving London remains a top choice for those seeking luxury living.

Despite rising interest rates, the London prime property market is still going strong. Savills, a leading estate agent, has revealed that homes priced at £5 million or more are being snapped up faster than pre-pandemic times.

Key Findings for Buyers and Sellers:

• Strong Sales: In the second quarter of 2024, 120 luxury properties were sold in London, totalling £1.27 billion!
• Pre-Pandemic Boost: While sales are down slightly compared to last year, they’re still up a huge 38% compared to the same period before the pandemic.
• Hotspot Alert: Belgravia is the place to be, with 15% of all luxury sales happening there. Kensington, Mayfair, and Chelsea are also popular choices.
• Family Homes in Demand: Larger houses are proving popular, accounting for 64% of luxury sales.

Experts say…

Frances McDonald, a property expert at Savills, says buyers are still eager to own a piece of prime London real estate. She believes the recent election results and changes to tax rules might make some buyers hesitant, but the overall desire for luxury London living remains strong.

What about the £10 million+ market?

Even homes over £10 million are selling well. The second quarter of 2024 saw 38 sales in this category, a jump of 18% compared to pre-pandemic levels.

Alex Christian, another property expert at Savills, points out that buyers and sellers are now more aligned on prices, leading to quicker sales. He suggests that while the summer months might see a slight dip in activity, demand remains strong, particularly from families and individuals who need to be in London for work.

What does this mean for you?

Whether you’re looking to buy or sell a luxury property in London, the market remains active. It’s essential to work with experienced professionals who understand the current trends and can help you make informed decisions.