The fall in the value of the pound led to the global super-rich buying 61 luxury London properties worth more than £10m each in the first six months of 2022 – the highest number in a decade.
The total value of £10m-plus homes has risen by £1bn this year as international buyers continue to be drawn to London despite Brexit.
The sale, The Guardian understands, is a 12-bedroom house in Belgrave Square for more than £90 million. The sale has not yet been registered with the Land Registry, but both the selling and buying agents confirmed the transaction took place last month.
Belgrave Square, equidistant between Buckingham Palace and Harrods, is popular with overseas families as it is home to several foreign embassies.
Other super-luxury homes sold so far this year in Land Registry records analyzed by property service LonRes include a £42m mansion on the Boltons in Chelsea, a £40m King’s Road pad and a Mayfair home near Hyde Park. £40m
“There’s been a lot of money chasing very few properties and that’s going up in value,” said Lonerace managing director Anthony Payne.
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.
“LonRes listings are at the top of buying agent searches for super-prime properties, indicating continued momentum in the coming months.”
An agent said he was retained by three buyers from China, each with a budget of at least £20m.
The sales total of 61 is the highest since the first half of 2011, but is one step higher than the 60 achieved in 2021, according to Lonres. The combined £1bn value is the same as last year, but 49% higher than the 2017-19 average.
New developments for sale include The Old War Office in Whitehall and No. 1 Grosvenor Square in Mayfair. A show apartment in an Old War office sold for an undisclosed amount within 24 hours of opening, while more than 10 apartments at No. 1 Grosvenor Square have sold for between £15m and £40m so far in 2022. to advertisers.
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.
“There are a few Russian experts in London,” he said. “The capital still has global appeal for the wealthy from other parts of the world as well as our own domestic market. Perhaps the most unusual central estate agent [has]But for the rest of us, their place has been taken and the market continues unabated.
Some agents said the surge in activity could be a result of foreign buyers rushing to finalize ahead of a new law requiring overseas buyers to declare their ownership from next month. The new register of foreign countries held by Companies House will come into effect on 1 August.