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Luxury Property Market Booms in London's Core
一月 24, 2024
Luxury Property Market Booms in London's Core 伦敦
By   Internet
  • 都市报
  • London property
  • luxury property market
  • UK luxury property
Abstract: The property market in London's core experienced a sharp increase in transaction volume in 2023, drawing in international buyers from the United States, the Middle East, and China. The sales of luxury homes exceeding £10 million set a new high in eight years, totaling £3.4 billion, illuminating the UK property market.

The surge in luxury property in London's core is just getting started. Earlier this year, an American buyer purchased an apartment in Mayfair for £11 million, indicating that the wealth protection battle in London's core is expected to continue heating up.


According to the latest forecasts, property prices in London's core are expected to increase by nearly 20% over the next five years, leading the way across the UK. This is primarily driven by the increasing demand from ultra-high-net-worth buyers.


The property market in London's core is more active than in other areas. Since 2023, demand from high-end buyers in the core area has continued to grow, with an increase of over 10% in the most sought-after areas. This has led to a tense situation in the core area with existing housing stock and potential future supply, with intense competition among international buyers.

Luxury Property Market Booms in London's Core

Data shows that as of the third quarter of 2023, there were approximately 1,600 unsold properties in London's core, and at the current sales rate, it is expected to sell out in two years. Meanwhile, the corresponding numbers for new building applications, approvals, and commencements have significantly decreased for several consecutive years, with no improvement in sight.


Property prices in London's core have remained relatively stable since 2014, in contrast to the continuous rise in property prices in the core area of Manhattan, New York, in recent years. Therefore, the London core property market currently holds greater appeal for international buyers.


The increasing rental yield is also one of the reasons why London's core attracts international buyers. Since the beginning of 2021, the rental yield in London's core property market has been on the rise, reaching 4.0% in the third quarter of 2023, a new high since 2011. Annual rental growth has reached 8.8%, about one-third higher than pre-pandemic levels. It is expected that rents will continue to rise by 18.7% by 2027.


The property leasing market in London's core is also very active, with high demand for available properties. Data shows that in the third quarter of 2023, the number of property leases in London's core increased by 58% compared to the previous quarter.


The global ultra-high-net-worth population is expected to grow by more than half (53%), and they are a crucial buyer group in London's core property market. Therefore, now is considered a crucial time to enter the market. Multiple reports predict that property prices in London's core will continue to rise over the next five years, with an expected increase of nearly 20%, outpacing the entire UK.

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