London's high-end housing market may be struggling, but more than 50 homes worth more than £10m have been sold so far this year, new analysis has suggested.
Not surprisingly, the place with the most ultra-high end deals is Belgravia, where seven sales worth more than £10m have taken place, totalling £151m.
Meanwhile, Knightsbridge came second, with eight sales worth £114m, while St John's Wood came third with six deals worth £88m.
Aston Chase, the estate agent who analysed Lonres data, said although the majority of £10m plus deals was split relatively evenly between houses and apartments, in North West London the majority of deals were on new-builds.
|Area||Number of £10m+ sales||Total value|
|3.||St John's Wood||6||£88m|
The news came amid signs the capital's high-end housing market is beginning to stall.
Analysis of Land Registry figures by the London Central Portfolio last month showed the number of luxury new-build homes sold in the capital's most exclusive areas fell 55 per cent in the second quarter of this year, with the number of flats sold falling 11 per cent.
Meanwhile, research by Zoopla suggested although the number of streets where homes cost more than £1m has grown 16 per cent over the past year, the value of property on the UK's most expensive street has fallen £2.5m. In fact, prices have declined on half of the capital's 10 most expensive roads.
Simon Deen, the director and head of new homes at Aston Chase, said today that overseas investors were driving the market in the capital.
“Since the 2017 General Election, inner London resi sales have been very much driven by overseas buyers and they prefer ‘turn key’ new homes rather than second hand product which is why the premium market has become very development led.
"The market is now product-let rather than location-led with buyers much more focused on interiors, specification and lifestyle amenities rather than specific roads. Even where second hand homes are purchased, buyers are then wanting them refurbished so they are modernised and given new interiors.”