A record number of £10m homes sold for capital in the International Buyers Club


In the first six months of 2022, he bought 61 luxury London properties worth more than £10m.

The total value of £10m-plus homes has risen by £1bn this year as international buyers continue to be drawn to London despite Brexit.

Among the sales was a 12-bedroom house on Belgrave Square which fetched more than £90 million.

The square, near Harrods and Buckingham Palace, is one of the wealthiest estates.

Other luxury homes sold so far this year, according to Land Registry records analyzed by property service LonRes, include a £42m home on The Boltons in Chelsea, a £40m King’s Road estate and a Mayfair estate near Hyde Park. 40 m.

“There’s a lot of money chasing very few properties and of course that’s increasing prices,” Lonrace managing director Anthony Payne told the Guardian.

He said the fall in the value of the pound, down 11 percent to $1.20 since the start of the year, had attracted overseas buyers looking for a “deal”.

“Nowadays, the rich have a lot of money,” he said. “Governments have thrown away huge amounts of money, and as more people suffer financially, more rich people have more money to spend. You want to invest in property and lock in when interest rates are low.

“Sub-prime property listings on LonRes are at the highest level for buying agent searches, indicating continued momentum in the coming months.”

The sales total of 61 is the highest since the first half of 2011, according to Lonerace.

The combined £1bn value figure is slightly higher year-on-year, but 49% higher than the 2017-19 average.

New developments, including the Old War Office and No. 1 Grosvenor Square in Whitehall and Mayfair, have become popular with the ultra-wealthy.

Show apartments at the Old War Office development have sold for an undisclosed multi-million pound price within 24 hours of launch. More than 10 apartments at No. 1 Grosvenor Square have so far sold for between £15m and £40m in 2022, according to the developers.

Buyer’s agent Henry Pryor said the market is not suffering from a lack of Russian buying and selling following sanctions imposed following the invasion of Ukraine.

He continued: “There are quite a few experts in London who have lost Russians. The capital still has global appeal for the wealthiest from other parts of the world and from our own domestic market. Perhaps the most unusual central property agent [has]But for the rest of us, their place has been taken and the market continues unabated.

A new law requiring overseas buyers to declare their ownership from next month has prompted some international buyers to rush into the market before they have even started, agents said.

The new register of foreign countries held by Companies House will come into effect on 1 August.

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