According to Beauchamp Estates, a company specializing in ultra-prime property, 92 private palaces with prices above £15 million were purchased in 2022, up from 40 in 2021 and a paltry 17 in 2020.
Wealthy Americans looking to capitalize on the strong US dollar against the pound and investors from India, the Middle East, and the rest of Europe seeking a safe haven for their fortunes have all contributed to the recent uptick in demand for luxury townhomes, sprawling penthouses, and tasteful period conversions in the United Kingdom.
Where, however, is the poshest address that can be found?
Nearly a third of transactions occur in SW1, which includes the pristine streets of Knightsbridge and Belgravia (the Duke of Gloucester’s property), with Mayfair, the traditional stomping ground of society, coming in a distant second.
Locations including St. John’s Wood, Kensington, Chelsea, Hampstead, Notting Hill, and Regent’s Park all cut (although, as any Tatler girl knows, the younger generation of movers and shakers is heading south of the Thames).
This year’s most expensive real estate transactions include a £45 million home on a beautiful Notting Hill square, a £37.5 million flat in Mayfair, a £20.5 million home near Eaton Square, a £24.95 million home in Cadogan Square, and a £17 million turnkey Belgravia apartment. A grand mansion in the middle of Belgravia in 2022 sold for almost £10,000 per square foot, setting a new record.
What’s the good news?
You won’t have to compete with as many mega-rich people to buy your next mansion (121 fewer among their number in 2022 compared to the previous 12 months). Beauchamp Estates reports that the world’s ultra-wealthy have been shaken by events like the Russia-Ukraine conflict, sluggish global markets, and the lingering consequences of the Covid-19 epidemic, with China and Russia bearing the brunt of the repercussions.
But there are now 177 billionaires in the UK, up from 171 in 2021, and their total wealth is £653 billion. Nearly all of them have at least one London residence.
According to Gary Hersham, Founding Director of Beauchamp Estate, “there has practically been one billionaire buyer property purchase each week in Central London” in 2022.
“Multi-millionaires and billionaires have returned to investing in London residential real estate, a known safe haven, and dependable asset class,” the article reads.
