London’s Mansions Are Struggling to Sell
Real estate company Knight Frank says there were 22% fewer transactions above £10 million in the past year. Blame the uncertainty around the budget and possible tax hikes.
Luxury properties in the Kensington and Chelsea district of London.
Photographer: Jason Alden/BloombergLondon’s most expensive homes are having a tough time selling, with both demand and deals down. According to a new report from real estate company Knight Frank, there were 22% fewer sales above £10 million ($13.2 million) in the 12 months to July, compared with the same time period from 2022–23.
The picture is gloomier for the priciest properties: There were just 10 sales above £30 million, compared with 38 in the previous period. In total, super prime sales volume in London came in at £2.77 billion in the 12 months through July, down from £4.3 billion in the period ending in July 2023.