Investec Research Highlights Dramatic Increase in Multi-Million Pound London Residential Property Sales
Analysis of industry data by Investec Specialist Private Bank reveals that between '08 and '10, sales of residential property in London worth £2 million or more increased by 57%.
- (1888PressRelease) June 24, 2011 - With the number of property sales increasing so much, Investec Specialist Private Bank says that potential buyers need to be able to move quickly if they are going to be successful in securing the property they want. However, many of these people can have complex finances and this can slow down the process of securing property finance from some lenders. However, because Investec Specialist Private Bank has considerable experience in understanding the overall wealth of the 'entrepreneurial class' and their different assets and earnings potential, it can provide a more efficient and tailored service to those looking to borrow £1 million or more to finance a property acquisition.
Between 2008 and 2010, the London Borough of Kensington and Chelsea saw a 57.5% increase in the sale of properties in this price category, from 240 properties to 378. This is the highest number of property sales in this price range for any London borough. Last year, it accounted for 34% of all property sales of £2 million or more sold in the capital, and the average price of a detached property sold there was just over £8 million, an increase of 53.6% on 2008.
The City of Westminster and Camden were the next two London boroughs to see the biggest number of properties sold for over £2 million last year.
London borough Number of properties worth over £2 million sold in 2008 Number of properties worth over £2 million sold in 2010 Difference
Kensington & Chelsea 240 378 138 (57.5%)
City of Westminster 157 221 64 (40.8%)
Camden 93 149 56 (60.2%)
Barnet 35 54 19 (54.3%)
Richmond upon Thames 36 61 25 (69.4%)
Merton 29 51 22 (75.9%)
Wandsworth 29 49 20 (69%)
Investec Specialist Private Bank analysis of 2008 and 2010 Land Registry data
Overall, Investec Specialist Private Bank's research reveals that between 2008 and 2010, the number of residential properties worth over £1 million sold in London increased from 2,746 to 4,530.
Jack Jones of Investec Specialist Private Bank said, "Despite economic uncertainties, the London prime property market is holding up well. There has been a huge increase in the number of multi-million pound properties sold, and the high level of demand for these homes is reflected in prices. In Kensington and Chelsea for example, property prices increased by 7.7% in the 12 months to January 2011, and in Camden the corresponding figure was 9.1%. This compares to a fall of 0.9% for the country as a whole.
"London is still one of the most popular places in the world for ultra-high net worth individuals from around the world, and this is keeping the prime property market buoyant."
Investec Specialist Private Bank offers a £Million Plus mortgage targeted at high net worth professionals who may not get paid along conventional lines, but could accrue irregular income such as lump sum bonuses. The new custom-made mortgage offering takes overall income and wealth into account rather than just the value of an individual's property and their regular monthly income.
The £Million Plus mortgage is aimed at the top end of the market, with loans available exclusively to individuals looking to borrow a minimum of £1 million2 with sustainable earnings in excess of £300,000 a year and an established balance sheet in excess of £3 million. Investec Specialist Private Bank says that these individuals typically purchase properties worth in excess of £1.5 million.
The mortgages may be secured against a variety of assets including property, shares, investment holdings and offshore deposits, and are available in a number of currencies. The offering is not limited to UK nationals and includes the purchase and refinance of UK property residence and investment properties.
For further information on Investec Specialist Private Bank mortgages, call Jack Jones on 0207 597 4601.
Your home may be repossessed if you do not keep up repayments on your mortgage
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