London house prices: Market for £10m-plus homes gets boost from Russia

Chris Papadopoullos
Follow Chris
A property in South Kensington priced at £18,000,000 (Source: Knight Frank)

Sales of homes valued above £10m has soared by a third this year.

The figures released yesterday by estate agents Knight Frank also show the number of transactions were 92 per cent higher from January to October than they were in the same period of 2014.

A surge in demand has been seen from Russia. In the six months to October, 21 per cent of buyers were Russian, up from 13 per cent the same time last year.

Buyers were also attracted by lower prices – according to Knight Frank, sellers slashed prices between 5 and 10 per cent.

Prices of £10m-plus homes have risen 48 per cent since the last low point in March 2009 but annual growth has eased to 3.3 per cent.

“Some buyers will remain cautious in the run-up to the general election,” said Richard Cutt of Knight Frank’s Prime Central London team.

“However, the sort of global geopolitical instability that drives capital into London and underpins demand will remain.”

Related articles