A buying rush at the top of London’s prime property market could indicate prices have hit bottom, with some homes selling for up to 40 percent off the asking price, according to a new report by property consultancy Sterling Private Office.
Analysis featured in the report "Fortune favours the bold" showed sales of properties worth more than £2 million were up 12 percent year on year and sales of those worth more than £15 million were up 43 percent year on year (2018 vs 2017).
The report followed the news of Hussain Sajwani, Chairman of Dubai’s Damac Properties, announcing he intended to invest up to £1 billion in Central London property.
Rachel Thompson, director, Sterling Private Office, said the market was "uncertain" but was being buoyed by a weakened pound and foreign investors keen to take advantage of "nervous" sellers.
"These investors are snapping up prime and super-prime properties for as much as 40 percent less than the original asking price, once currency fluctuations have been factored in. This flurry of activity could indicate investors believe the market – particularly at the top – is nearing its bottom and they stand to win big if they’re right.”
Sterling Private Office is a full-service advisory firm which offers independent first-rate representation to those invested in the UK prime property market. With 50 years’ combined experience across UK prime residential property markets, the team offers a bespoke and specialist service ranging from acquisitions and development consultancy to fully managed sales and lettings.
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