High-End Transactions Surge in Prime Central London
21 January 2020
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With the arrival of some political certainty, the top end of prime central London’s real estate market is booming, according to two reports released Monday from U.K. property experts.
The market has responded quickly to the clarity that December’s election provided, when Prime Minister Boris Johnson retained his keys to No. 10 Downing Street in a landslide victory. His win delivered a majority government and an almost certain path toward a Brexit deal being approved in time for the upcoming Jan. 31 deadline.
In December, there were 54 transactions in prime central London priced at more than £5 million (US$6.5 million), the highest monthly figure in that price band since 2014, according to real estate agency Savills.
Those big-ticket transactions brought the total number of £5 million-plus sales in 2019 to 310, meaning December provided more than 17% of the year’s pricey deals.