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London’s super prime housing market is not ‘dead in the water’

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.

“So what does £20m get you? Outside London you can probably pick up a country estate. In London, with the price per square footage so high in areas like Knightsbridge and Belgravia, you might have to lower your expectations.”

There are currently 21 residential properties for sale in the UK for at least £20m and five of these are flats, according to research into the super prime property market by HouseSimple.com.

The exclusive £20m-plus club includes properties ranging from a country house in Ascot, in 70 acres of land, to a 4-bed flat in Knightsbridge, central London.

The most expensive property on the UK market at the moment is a six-bedroom terraced house in Belgravia, with an asking price of £62.5m. A buyer would have to pay stamp duty of almost £7.5m on this property alone.

“It’s staggering that a quarter of the most expensive properties on the UK market right now are flats. It just shows how crazy the property market is in the capital when £20m doesn’t even buy you a house,” Gosling added. 

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