Sales of mansions in London are booming as a result of sharp price reductions and the weak pound, according to a report in the Evening Standard.
The report says that the number of London mansion sales over £15m rose by over 40% last year – although the average property sale price was higher at around £27m.
Jonathan Hewlett, Savills Head of London Region Residential, who is quoted in the report says: “The sums spent at the very top end of the market demonstrate the ultimate and enduring appeal of London’s most rare trophy properties — both heritage and new — when they come to the market.”
The report confirms what many experts have suspected for a long time: The London mansion market is a very unique market indeed. It may be subject to some ups and downs like any other market. But at the end of the day it is underpinned by global demand. There are more people in the UK and around the world who are able to buy high end properties in London than mansions available for them to buy.