Weaker Pound Prompts Festive Influx of Prime Central London Property Sales to International Buyers

With the pound still weak when compared to historic levels, the prime central London market continues to prove its resilience in the wake of the pandemic and economic uncertainty with an influx of international buyers looking to acquire prime assets on the run up to Christmas.

Over the last month alone, prime central London real estate specialist, Aldersley London has noted a 70% uplift in enquiries, when compared to the previous month, with the vast majority of these coming from buyers from the US, Hong Kong and UAE.

The traditional hotspots of Mayfair, Belgravia, Knightsbridge and Chelsea continue to prove popular with purchasers, so much so that the central London market is now above pre-pandemic levels with 91 per cent more sales above £5 million than in the same period in 2019.

This is further corroborated by the latest research from property data service, LonRes, which shows at least 61 properties in excess of £10 million were sold across the Capital in the past year, the highest level since 2011.

Whilst the market’s recovery is in part due to the resurgence of domestic buyers, it is the ease of travel and the rush of international investors looking to make the most of the weaker pound ahead of the festive season which appears to be creating a resilient marketplace within the prime postcodes.  

This has proven to be the case for Aldersley London which in the past two weeks has transacted on three properties with a combined value in excess of £15 million, with one property situated in Knightsbridge achieving a record price since 2016.

Edward Aldersley, managing director at Aldersley London, said: “With a marked increase in the number of enquiries from international buyers as we near the end of 2022 and the pound still low when compared to historic levels, the UK property market is still proving increasingly attractive for international buyers.

“The relaxing of travel restrictions has meant that there has been a notable increase once again in the number of international buyers coming over the UK for holidays, to enjoy our vibrant retail, leisure and cultural pursuits; utilising the trip as an opportunity to further their property search pre-Christmas.

“These purchasers want properties located within the prime postcodes of central London and a significant majority are not reliant on mortgage finance, meaning they are in a position to transact quickly for the right opportunity. This trend which will likely continue into 2023 and beyond as the attraction of the prime central London property market remains resilient.”

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