Most Fabulous Homes, Mansions in London’s Prime Area Set To Cost More In 2021
The London City’s prime location is getting the influx from the super-rich at this trophy London Postcode with an excellent legal system and schools in the vicinity. With many constraints creeping in last year, still, the buyers are looking forward to buying the mansions and fabulous homes at this location.
In the words of Beauchamp Estates, “Big-ticket homes will be high in demand with sales said to rising by 15%, as the homes will be getting expensive after May. The houses with a value of £10 million and more in the prime location in Central London will see the price gain of almost 1% to 2% this year. They also stated that the housing sales would bounce back again after a recession.”
The prices in London’s prime location saw a decrease of 0.1% between June and November. But, after a gap of four years, the location registered an increase in the last month. London’s property market is increasing because of the different amenities present in the town. Like, schools, legal advisors, casinos, pubs, restaurants, etc. The entertainment industry in London’s prime location is booming and is ready to welcome new guests from other locations.
The best thing about the London housing market is that most overseas buyers have spent millions on the properties located in Central London. These buyers have decided by seeing the homes over Zoom video calls only. A Russian energy industry owner and a billionaire have bought a 5-bedroom and a 7-storey townhouse in the Old Queen Street in classic sales. It overlooks St. James Park in Central London. He bought the property for a whopping sum of £15.45 million, just after the British government allowed the British Housing Market’s re-opening.
The research on the property market of London’s prime location was provided by Knight Frank that shows the prices fell by 2.1% in April 2020. It was the biggest decline in one-month since the year 2009, in the wake of the financial crisis. The decline was huge, but the property market has made a great comeback in the last 2 months with a 15% sales rise.
In the words of Jeremy Gee, Beauchamp Estates MD, “The year 2020 saw buyers from Hong Kong and China made a housing deal of more than £10 million. They dominated the London housing market. Even the domestic British buyers and buyers from Russia also purchased the houses in London’s prime location, but Chinese buyers were the ‘big-ticket trophy’ buyers. The Chinese and Hong Kong-based buyers purchased mansions and big houses in London at the central locations.”
“We believed that the buyers from China and Hong Kong will keep on ruling the housing market in the prime location at London by taking some super-prime deals. However, last year in 2020 only, the British housing market saw the Middle East buyers’ return in the summer season. If the Pound Sterling rates go down, we may see the super-rich buyers from America too,” he further added.
These super-rich buyers purchase these sprawling real estate properties to get some privacy at their big mansions with personal swimming pools, secluded gardens, private gyms, etc. The areas that are mostly preferred in this location are Regent’s Park, Belgravia, and Kensington. Even a few buyers are also showing interest in the homes outside of the capital. The places located in the outskirts like Oxfordshire and Surrey also provide great housing choices and even lands. They are located in more space, as compared to the property in the interiors.