Around £1.7 billion worth of property in the capital’s most elite postcodes are on the market, being prepared for sale or have been sold in recent months.
The rare glut of around 14 mega-homes at the very pinnacle of the London market means there may be a chance to pick up a “bargain” — for buyers with a nine-figure budget at their disposal.
Oliver Hooper, director of Belgravia-based buying agency Huntly Hooper, said: “We have noticed more of these super-prime houses becoming publicly available for sale in the last year and where they used to be kept confidential, details of them have fallen into the public domain as they take longer to sell...
“With this increase in levels of supply, we suspect there may be opportunities to be had for buyers at this level, although we note that the vendors tend not to be in any financial need to sell.”
The homes have an average value of more than £120 million, over 300 times the average property price in London. There are thought to be only about 60 homes worth more than £50 million in the whole of central London. » | Jonathan Prynn, Consumer Business Editor | | Friday, September 13, 2013
