London townhouse sales of more than £5 million hit an all-time high as the super-rich splashed the cash

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a record number of mansions were sold in London in 2022, suggesting that the capital’s super-wealthy shrugged off an economic downturn to get their hands on luxury real estate with a seven-figure price tag.

More than 600 homes worth more than £5 million were sold in the capital last year, the highest property move Savills has seen since registration began in 2006.

Frances McDonald, research analyst at Savills, said: “High value properties continue to outperform across the board as unique quality properties continue to be sought after by buyers both at home and abroad.

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“These markets are driven more by flows of global equities and, while not immune, are less dictated by domestic economic volatility.”

More than 60% of second-hand sales took place in traditional first-class hotspots in central London, led by Chelsea (12.6%), Kensington (10.3%) and Knightsbridge (9.0%), Savills data showed.

But the £5m+ price tag is now increasingly reaching prime remote locations – including Clapham, Battersea, Bayswater and Putney – mainly driven by wider regeneration and redevelopment, the opening of new Tube and Crossrail stations and demand for larger family homes. homes with more space inside and outside the house.

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More than 50 London neighborhoods saw activity in the over £5 million price range in 2022, and the range of this price tag is likely to increase further in 2023.

The boom in luxury property sales comes amid a slowdown in house price growth in the capital in general. The average home in London will increase in value by 2.9% in 2022, according to the Halifax House Price Index, well behind figures from the East of England (+5.5%), West Midlands (+9.1%) and Wales (+6.1%)

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McDonald added that the luxury real estate market showed some signs of weakening towards the end of last year, but remained well above pre-pandemic levels.

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