People buying the most expensive properties in London want more than just an exclusive postcode. New research suggests that amenities such as a concierge service, secure parking and leisure facilities – plus price – top the list of buyers’ priorities.
While there has been exceptionally strong price growth in golden boroughs like Kensington and Chelsea, buyers are looking further afield in their pursuit of London’s prime real estate.
The research shows that the area covered by £10m-plus sales in London in the year to 30 June is wider than three years ago.
And buyers of property in the super-prime price bracket are also getting younger. Some 18% of those who bought property for more than £10m in the year to 30 June were under 40 compared with 10.7% in the preceding 12 months. Furthermore, the number of super-prime buyers in their 30s more than doubled to 14.8% from 7.1% over the same period.
However, the introduction of higher rates of stamp duty for properties worth more than £937,000 has had an impact on the value of homes in the super-prime price bracket.
Price growth at the £10m-plus level has underperformed the prime central London average, growing 4% in the two years to June compared with 10.3% in prime central London.
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Image credit: Sara Ashley