Sales at the top end of London’s prime residential property market appear to be picking up, with the market now well on its way to ‘recovery’, a leading estate agent has said.
Knight Frank’s comments come at a time when fears are mounting that buyer confidence in the super prime market is waning.
Critics argue that uncertainty surrounding Brexit coupled with recent changes to Stamp Duty Land Tax (SDLT) have deterred investment at the very top end of the market, but Knight Frank’s latest research appears to suggest otherwise.
The agent’s figures reveal a significant upturn in buyer interest in the £10 million-plus market in recent months.
In the first nine months of the year, Knight Frank welcomed a much higher number of viewers into such properties than during the same period in 2016, it said.
Furthermore, many of those who viewed super prime properties – and those who later made offers on or purchased them – had travelled from further distances than in the previous year to find their ideal luxury home, the agent’s figures reveal.
Their data also suggests that sales volumes were up by 3.4 per cent over the same period – and the agent believes that buyer demand will continue to grow going into 2018.
Daniel Daggers, of Knight Frank, said that buyers were merely ‘taking their time’ as opposed to rushing into investments.
In particular, he said that potential buyers were now undertaking more viewings and comparing more properties prior to making an offer.
“Unless you have a buyer who needs to move for family or business reasons or alternatively a unique property, the gestation period prior to a transaction is longer,” he said.
“People have to move, families are growing, life moves on and in many instances our clients have waited for two years for the market to bottom out, something that may now be on the horizon,” he added.
Latest posts by ELS Law (see all)
- Commercial property transaction volumes to remain above £50 billion for sixth consecutive year – January 17, 2018
- Single family in way of £1 billion stadium development – January 12, 2018
- Does a barrister have lien over fees? – December 21, 2017