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Pre-Election Jitters Hit £5m Plus Market in London

Pre-Election Jitters Hit £5m Plus Market in London

29.04.24

London's top-end sector continues to slow from its post-pandemic record high, reports Abode2. A total of 89 £5mn-plus homes with a combined value of £918mn changed hands across London in the first three months of the year, according to new all-market analysis.

Comparing the figures with those of previous years however, Savills noted volumes were - 20% below Q1 2023, but 44% up on the 62 sales recorded in Q1 2019.

On a rolling annual basis, there were 504 £5mn-plus sales recorded in the year to Q1 2024, with 352 between £5mn and £10mn, and 152 above the £10mn mark.

The agency said lower levels of stock, a weaker economic backdrop, and pre-election jitters has all contributed to the slowdown, while moves to end the non-dom tax regime had had an impact on international demand; as such, domestic and needs-based buyers have been playing a key role, in particular bolstering sales of houses.

Houses accounted for three in every five £5mn-plus transactions in Q1 2024, the highest proportion since the pandemic “race for space” in Q1 2021 (this year’s figure of 61% compared to 58% in Q1 2023 and 56% in Q1 2022).

Drilling down to neighbourhood-level, Mayfair has accounted for the lion’s share of the £5mn-plus action this year (15%), overtaking Chelsea for the number one spot for the first time since 2020. Traditional prime postcodes (Mayfair, Belgravia, Chelsea and Kensington) still account for over half (52%) sales at this price point, said the firm.

Abode Affiliates

  • Alleyne Real Estate
  • Blevins Franks
  • Coldwell Banker
  • Crane Resorts
  • Monaco Real Estates
  • RDO
  • St Francis Links
  • Unique Home Stays
  • Yoo
  • Worldwide Dream Villas
  • Enigma Yachts Limited
  • Cornerstone Tax Advisors
  • Pedini London
  • Alexander James
  • Moore Stephen
  • Ibiza Transit Express
  • Oyster Yachts
  • Jumeirah
  • Wall Street Luxury
  • Heron Real Estate
  • Edenhurst
  • MG&AG
  • Gama Property
  • Touch Design Group
  • St Edward
  • Ultra Villa
  • Luxury Italian Living
  • Habitat First Group
  • BDO
  • 7Storeys
  • Worldwide Property
  • Dimora
  • Dominic McKenzie Architects
  • Harry Manning
  • Smart Living
  • Isle Blue
  • MAS Marbella
  • Millgate
  • Jersey Finance
  • guernsey-relocations-logo
  • viberts-logo
  • kpmg-logo
  • author-interiors
  • Wilkinson Beven
  • BoConcept
  • Ante Vrban
  • Deborah Garth
  • You home
  • Ra Shaw Designs
  • Caudwell Collection
  • accanto-interiors
  • Fritz Hansen
  • capital-rise
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  • Tina Shone Group
  • Taplow riverside
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  • Rusk
  • Consilium Expert Group
  • Ben Krupinski Builder
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  • Guernsey Relocation Services
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  • wilsons
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  • London DE
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  • Yellow House Architects
  • Designer Touches
  • Zafiro
  • Nicole Murray
  • Scout Boats
  • Emerson Insinkerator
  • Forsters
  • https://www.cullenhomes.co.uk
  • https://www.londonlight.works

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