The housing market in the UK are being split by the continuing increases in demand and pricing by the super rich. Whilst average house prices falter and demand remains low in most parts of the UK it is not the same for prime property. The same can also be said for overseas property with luxury home sales on a steady increase. The information is backed by comments from W A Ellis a prime central London estate agency and Christie’s International Luxury Residential Report.
Richard Barber, partner in residential sales at Prime Central London estate agency, W A Ellis, comments: “The chasm which exists between Prime Central London and the rest of the UK continues to widen, with the most recent Land registry statistics highlighting that London was the only region to see annual house price growth (at 2.1%).
“Recent sales at Candy and Candy’s One Hyde Park (60 sales now confirmed), the “Bulgari” Penthouse in Knightsbridge and Abramovich’s purchase of a £90m mansion in Kensington Palace Gardens, as well as many more high value transactions within Kensington and Chelsea and Westminster emphasise the much vaunted opinion that prime Central London property is “indestructible”, “a safe haven” and the “must have” for high net worth international individuals. Indeed, we have recently successfully sold a first and second floor maisonette in Pont St at £6.25m and an un-modernised house in Evelyn Gardens at £4.35m.
A new report from Christie’s International Real Estate has found that the sales of luxury overseas property actually increased by two thirds in 2011 compared with the same period last year as rich buyers snap up properties across the globe.
Christie’s International Luxury Residential Report has found that property sales across the company’s affiliated agents were 67 per cent higher in the first eight months of 2011 compared with the same time period last year.
The report attributes this increase to the scarcity of luxury overseas property in desirable locations. Destinations such as Paris – which has seen an 18 per cent rise in prices in 2011 – London, New York, Hong Kong and Beverley Hills are particularly popular.
A Facebook poll by international real estate portal Homesgofast.com asks for contributors and asks the question
Do the wealthy benefit from a recession?