London remains among the most desirable cities in the world for the super wealthy, but with property prices reaching record-breaking levels and ongoing tax concerns, including extortionately high stamp duty costs, the capital’s super-prime property market has cooled in the last year, but that ‘doesn’t mean it’s dead in the water’, according to a leading online estate agent.
Although it’s a buyer’s market at the moment, Alex Gosling, CEO of HouseSimple.com, points out that overall it remains relatively stable, supported in part by growing demand from international investors looking to take advantage of a significant drop in the value of sterling since the Brexit vote.
Gosling said: “The super prime market has suffered since the stamp duty changes, but that doesn’t mean it’s dead in the water. When you have £20m plus to spend, you’re unlikely to baulk at paying a few million pounds in stamp duty. And there are buyers out there still willing to pay premium prices to live in the most exclusive areas.