Trophy home sales soar as London’s luxury property market restarts
17 March 2022
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The number of trophy homes sold in central London has returned to pre-pandemic levels, despite a lack of supply, the collapse of Russian-led deals and global instability.
Sales volumes of multi-million pound mansions were 33 per cent higher this January than in the same month in 2019, and 31 per cent higher last month than in February 2019, as the luxury central London market begins its recovery following the uncertainty of Brexit and the Covid-19 pandemic.
New data published today by LonRes reveals that the spike in transactions has pushed up the average price tag of a property in the exclusive core of the capital by 5.9 per cent compared to this time last year to £1,700 per square foot.
"A lack of stock across prime London's sales has been widely reported for some time and inevitably this leads to upward pressure on prices," says Anthony Payne, managing director of the data house LonRes."