Britons buying luxury property in London, be more selective

With falling prices on the real estate market of London is changing in the attitude of buyers to the choice of objects.

The elite real estate company Knight Frank has published its fresh report. According to the study, the people who buy the most expensive properties in London have become more demanding and expect the presence of all the attributes inherent in object of class “luxury” , such as Concierge, guarded Parking, services, entertainment. In addition, after the rapid growth in property prices in London, located in the Golden indexes, buyers are no longer willing to pay so much for the index and the shift of their interests from the super-expensive areas of Kensington and Chelsea in the other, less expensive , but also the most prestigious districts of London.

Indeed, last year’s increase in Stamp duty continues to put pressure on the real estate market more expensive than £1.1 million, which is especially noticeable in the supra-expensive price range. For example, for property worth £10 million Stamp duty rose to £1.1 million pounds with £700000 that you had to pay to improve it. The difference is 4% of the value of the property.

The study also showed that buyers of super-expensive real estate getting any younger. Over the past year about 18% of buyers of elite real estate – people younger than 40 years, and in the previous 12 months the number of such people was 10.3 percent. Moreover, the number of customers from 30 years old has doubled over the last year.

We see the younger generation with their families on the property market in the UK from high-tech sectors and the IT sector.

Despite the increased Stamp duty over the past year the percentage of buyers from the UK, bought property in the UK is more expensive than £10 million, has increased to 37% from 34% in the previous year. The rest of the buyers of real estate is more expensive than the £10 million – foreign investors. With the improvement of the economic situation in the UK, employment and wage growth, the share of Britons who can afford super-expensive real estate increases every year.

® Alice Morgan. 18.08.2015

 KNIGHTSBRIDGE, LONDON SW1X – £8,750,000

MONTPELIER MEWS, KNIGHTSBRIDGE SW7 – £9,500,000

THE BELVEDERE, CHELSEA HARBOUR SW10

HANS PLACE, KNIGHTSBRIDGE SW1X – £ 14500000

BERNERS STREET, FITZROVIA W1T – £1,995,000

BROMPTON ROAD, KNIGHTSBRIDGE SW3- £1950000

FITZJAMES AVENUE, WEST KENSINGTON W14 – £ 2,300,000

IMPERIAL CRESCENT, IMPERIAL WHARF SW6 – £ 4,550,000