Big-money London property sees bumper 2021

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Some 352 £5m-plus transactions have completed this year already, more than in the entire years of 2020 and 2019.

That includes 94 homes selling for more than £10m.

Nearly half of all sales were in Chelsea, Kensington, Belgravia, Notting Hill and St. John’s Wood.

Savills, which compiled the data, said the market had predominantly been driven by demand from buyers already resident in London due to the lack of international travellers during the pandemic.

Frances Clacy, Savills research analyst said: “We are just beginning to see the return of international demand to a prime central London market that continues to look like good value in a historical context. As international travel gradually resumes, we expect to see more pronounced price growth in this market and for the long-awaited recovery to take hold in earnest.”

Despite the hefty up-front price tag, the properties could prove shrewd investments.

Savills reckon the average price of prime central London properties will increase 2 per cent in 2021, and as much as 8 per cent in the twelve months after that.