London’s Super-Luxury Home Sector Is Thriving Even as Overall Sales Sink
17 May 2023
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The prime London housing market experienced a slow April with one glaring exception: sales of homes valued at £5 million (US$6.24 million) or more, according to a report Wednesday from LonRes.
Overall agreed sales in the city’s affluent core fell nearly 35% annually last month. This put deal making for the month at a record low, excluding the lockdown-affected April 2020, according to the report. Sale prices were down just shy of 1% annually.
“As the peak selling season enters its stride, there are continued signs that the wider prime London housing market is slowing. Anecdotally agents are telling us that there is no shortage of buyers and those buyers have money to spend,” Anthony Payne, managing director at LonRes, said in the report. “However, the housing market is a sector underpinned by confidence and at the moment sellers are referencing prices of yesteryear, while buyers are looking to a future in which they expect prices to fall. And there’s a gap between the two, that is causing the market to stall.”