London’s Super Prime Property Market Basked in Limelight in 2021
London was one of the cities that remained under strict lockdown for a significant part of last year but it did not diminish the charm of the London property market. Thanks to the stamp duty holiday and COVID-19 induced demand for bigger homes, savvy buyers eyeing London’s prime properties picked up the best of the best.
Wealthy buyers spent more than ever on London’s uber-luxury homes, making 2021 to be a record-breaking year for its ultra-prime housing sector. Buyers have spent a hefty sum of £11.6 billion on luxury properties last year. The highest demand was recorded in A-class neighbourhoods including Chelsea, Hampstead, Notting Hill, and Knightsbridge.
And not just the ultra-expensive boroughs were in high demand but green and leafy neighbourhoods such as Wimbledon, Battersea Power Station, and Wandsworth experienced a huge surge in demand for country-style homes. After the first COVID-19 induced lockdowns, a huge surge was recorded in the demand for bigger homes, homes with expansive terraces and gardens, and homes with open spaces. These areas remained in higher demand, as wealthy buyers wanted to reap the benefits of bigger homes without leaving the capital.
On another scale, it is the highest spend of any single year since 2000 and 45% more than the transaction values in 2020. The last highest peak was recorded in 2014, when a huge number of wealthy investors injected money into London’s prime properties and this time, it is 1.2% higher than the previous record.
The surge in demand for high-end properties in London was also bolstered by an increase in property values along with a surge in pricey transactions. In short, 2021 was also a record-breaking year for London prime properties in terms of a number of deals. The year ended on a positive note for prime properties in London, with a boost in sales and the numbers of transactions.
Given the Covid-induced demand for more square footage, privacy and requirement of outdoor space, it is recorded that more than half of the total £11.6 billion spent last year came from house sales. “A record-breaking amount spent on London’s uber-luxury houses is evidence that COVID-19 induced pandemic has uniquely shaped the market, where people look for more space, while deciding to buy a new home,” said Shahwali Bashir, Director Copperstones.
Based on this year record-breaking transactions, we can predict a fine balance between demand and supply for buyers looking for bigger houses and apartments in London and its suburbs. Due to restrictions on international travelling during the major part of last year, we can assume that a majority of property buyers, who completed transactions, were local investors and buyers looking for bigger properties for their stay.
Despite the uncertainty caused by the pandemic and Brexit, the London property market experienced a robust 2021, with values of prime properties to rise further in the next year. However, a majority of real estate experts foresee a balanced 2022, with big-ticket houses to be in higher demand and sales expected to rise simultaneously.
If you are planning to be a part of this buoyant realty market or want to add a big-ticket home or apartment to your portfolio, you must work with the best industry experts, who know the London property market inside out. And what better agency can be than Copperstones to work with, in 2022? To contact us, you can leave your query at 08 445 555 555 or write us about your investment plan and budget at enquiries(at)copperstones(dotted)net and one of our competent team members will get back to you as quickly as possible.
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