UK Luxury Real Estate: Nationals Top Buyers' Pool
In an increasingly large sector of the London luxury real estate market, "super prime" homes are often seen as international purchases. On quite the contrary, recent research figures show that UK nationals make up for the majority of these ultra-wealthy buyers.
The super prime luxury real estate market in London has made a nice recovery since market lows in 2009. Of all of the home sales above £10 million, one third of these sales went to UK national citizens, topping this select list of home buyers. Next on the list were Russian purchasers, then other European buyers, who made up for 15% of these property sales.
33 different nationalities entered the Central London super prime housing market since 2009, with these extremely expensive homes seen as healthy investments in an otherwise unstable global market. The Central London and UK luxury real estate market fared well during downturned market times, thus increasing interests in these properties as investment.
The London market has seen an increase in international interest over the years, as many markets around the world have slipped. London's global position for many trades makes it a prime location for the wealthy and not-so-wealthy alike. Buyers from India and the Middle East have increased activity in the ultra-luxury prime London market as well.
As prices around the UK show signs of a steady increase, these prime homes are in high demand as the market swings. We are seeing areas not normally recognized as prime in high demand as well, as these borders are becoming increasingly blurred.
How does this super prime housing market affect your stance in the marketplace? Do you see signs of this kind of thing in your area?
Be sure to let us know your thoughts, answers, and questions in the comment section below.
Photo Courtesy of David Jones’ Flickr