Home Property Record £4.1bn spent on super-prime London homes in 2012

Record £4.1bn spent on super-prime London homes in 2012

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11th Jan 13 4:32 pm

A record-breaking number of homes worth more than £5m were sold in 2012, amounting to £4.1bn exchanging hands, it was revealed today.

According to the latest results by Savills estate agents, more than 400 super-prime homes exchanged hands, indicating that demand remained strong despite property taxation changes.

Since the 2007 peak, homes deemed to be super-prime have gone up 32%, compared to 23.9% for the rest of prime Central London, Savills said.

“I am not surprised that 2012 was a record year for sales of super-prime London homes,” said Charles Lloyd, head of Savills Mayfair.

“Here at Savills in Mayfair we had a busy year with some fantastic instructions selling for and above their asking prices. Mayfair continues to be popular with both international and UK buyers alike despite the increase the new tax laws, and our market in Mayfair certainly absorbed the shock waves which were brought about after the spring budget.

“I expect 2013 to continue in the same vein as 2012, with Duke Street and North Audley Street really being the areas to watch with regard to property,” he added.

The so-called “golden postcodes” of SW1 (Belgravia), SW3 (Chelsea), SW7 (Knightsbridge), W8 (Kensington) and W1 (Mayfair) were responsible for two-thirds of the high-end sales, with houses there fetching £2,370 a sq ft last year, up from £2,296 in 2011. Part of the increase has been linked to increased demand in new developments, which have become increasingly popular among high-end buyers in recent years.

The ultra-ultra-high-end market, however, has seemingly suffered slightly. In 2011, there were 72 houses sold for over £15, while only 62 in 2012, Savills said.

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