Finance and Fashion Propped Up Luxury London Home Market in 2024
Tom Ford’s Chelsea deal stood out in a downbeat year when many wealthy, potential buyers stayed away over tax concerns.
London’s luxury property market is set for its worst year since 2020, having failed to score even a single £100 million transaction, as concerns over the new Labour government’s tax measures damped sentiment among wealthy and discretionary buyers.
Data from broker Savills Plc show residential sales above £5 million ($6.3 million) tumbled 23% in the first three quarters from the same period a year earlier, putting them on course for the least since the Covid-19 pandemic locked down London. While 2023 saw at least two £100 million-plus deals, the biggest transaction this year was American fashion designer Tom Ford’s purchase of an £80 million home in Chelsea.