1/25/2024 0 Comments Flavors of hydeThere was a flurry of luxury house sales in the final weeks of the year, which Beauchamp Estates said was probably due to “when many wealthy overseas families are in London during late November and December doing Christmas shopping in Harrods, Selfridges, Sloane Street and Bond Street they also take the opportunity to visit trophy homes in the UK capital and agree major property deals”. One apartment in Mayfair sold for more than £8,000 per sq ft. Super-prime apartments sold for an average of £4,306 per sq ft compared with £3,011 per sq ft for houses. The wealthy are prepared to pay considerably more for apartments than houses on a per sq ft basis, according to the research, which analysed Land Registry filings. The super-rich have been warned by their advisers that they could soon expect people with “pitchforks and torches” coming to look for them unless they do more to use their fortunes to help the millions struggling with the cost of living crisis.Īt an investment conference organised by Spear’s wealth management magazine, members of the global elite and their financial teams were last year warned by progressive advisers that there was a “real risk of actual insurrection” and “civil disruption” if the yawning inequality gap between rich and poor was allowed to widen as a result of energy and food price rises hitting squeezed households. This was an increase from eight worth £181m in 2022. There was a 137% increase in the number of “super-luxury new-build London apartments” sold for over £15m to 19 worth a combined £385m. The buyers were mostly from the US, Saudi Arabia, the UAE or China. The study found that flats in Mayfair, Knightsbridge, Hyde Park and Whitehall were selected, rather than houses, amid heightened “concerns over personal security and privacy”.īillionaire and multimillionaire buyers spent a combined £1.3bn on 54 luxury London properties selling for more than £15m each in the 2023 calendar year, up from £1.05bn on 49 properties in 2022.
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