London luxury real estate on the rise in the environment of the planned withdrawal of Britain from the European Union generally weaker pound has many consequences, even if it has recently recovered somewhat. On Wednesday, the price was around 0.86 pounds per euro, before the referendum in June 2016, it was 0.77 pounds. For the British, the weakness of their own currency, makes imports more expensive, but buyers from abroad are favored.
Home buyers in London spent around £2.06 billion on prime luxury properties
According to analyst Knight Frank, political uncertainty is affecting real estate transactions overall, while demand for luxury real estate in London is growing. Especially high-quality purchases increase, as wealthy individuals who were interested in the city, the pound-weakness used. Striking is a strong demand from Asia.
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By September 2019, three-quarters of super-luxury real estate buyers had been less than 50 years old
From June 2018 to May 2019, home buyers in the British capital spent around £2.06 billion on prime luxury properties. The real estate consultant Knight Frank understands houses and apartments worth more than 10 million pounds each. The year before, it had been 2.05 billion pounds. Most importantly, there were 16 transactions in a volume of £30 million or more, compared to eleven the year before. Especially popular is Mayfair.
Meanwhile, the buyers of these exquisite luxury hotels are evidently getting younger. By September 2019, three-quarters of super-luxury real estate buyers had been less than 50 years old. In 2015 this was not even half, in 2017 for even less.
The reason for this is Knight Frank’s high earnings, especially in the field of technology, and the fact that many older wealthy people pass on business and equipment to the younger generation. Headquartered in London, Knight Frank employs more than 19,000 people in 60 markets.
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