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London’s Mega-Mansion Buyers Find Bargains Hard to Come By

  • Discounts to asking prices narrow to smallest in four years
  • Spending on $13 million-plus homes rose in first eight months
Luxury residential townhouses stand overlooking Regents Park in London in 2019.

Luxury residential townhouses stand overlooking Regents Park in London in 2019.

Photographer: Bryn Colton/Bloomberg
Updated on

Wealthy buyers of mansions and penthouse apartments in London are finding that the pandemic isn’t throwing bargains their way.

Luxury homes that changed hands for more than 10 million pounds ($13 million) in the second quarter sold at an average 95% of their asking prices, according to latest data from broker Knight Frank. That was the smallest discount since the end of 2016 as many sellers refuse to budge.