Property in: LONDON
Prime New Builds In London Lure International Investors And Buyers

Prime New Builds In London Lure International Investors And Buyers

by Kos
2 minutes

Luxury real estate in London continues to counter the economic turmoil as average prices for £1m+ and £10m+ properties increased by 0.5% in 2022.

New marker data on prime new homes in London continues to prove the resilience of this market sector as demand from international buyers and investors increased in 2022 despite challenging economic settings.

Luxury Property in London: Key Takeaways

  • There are several key trends in the prime property market in London that define current settings.
  • Average values in the £1m+ and £10m+ sectors spiked by 0.5% in 2022.
  • Average prices of luxury London properties increased by 3% in 2022. However, this trend has shifted in H2 2022.
  • The current year is set to become a buyers' market.

London Boroughs Performance

We saw a heated demand for outer London boroughs throughout the pandemic as people moved out of Central London areas. However, the trend has shifted as city living appeal appeared on the cards again.

Moreover, the weakening of the pound against other currencies attracts a new influx of foreign investors and buyers choosing prime locations for buying existing properties and new build homes in London.

Such buyers are also less reliant on mortgages, meaning that increased rates and living costs are not such a critical concern for them as for local buyers, especially first-timers.

Luxury Property Values

Around 34% of luxury properties saw original prices marked down by 7.7% in Q4 2022, suggesting even more favourable settings for property buyers. As a result, some of the most well-known and prestigious postcodes now boast attractive offers.

For instance, average values in Knightsbridge, Belgravia, Mayfair and St James are now around 15% below their records during the market peaks. Several property experts anticipate 2023 to become a buyers' market as foreign investors take advantage of market settings.

Was this article helpful?

Similar news you may like

We use our own and third-party cookies to collect data related to your activity on our site for analysis and to improve your experience. By continuing to use our site, you consent to the use of these cookies. Learn more