Everyone with a mortgage in London—and the rest of the UK—woke today (May 11) to the unwelcome news that interest rates, and therefore the cost of paying for their homes, are likely rising again. But as ordinary owners and renters struggle with high prices in the capital and elsewhere, the super rich have been shopping around the London real estate market at a rate not seen in years. More properties costing over £10 million ($12.6 million) were sold in the year to March 2023 than at any time since the UK’s vote to leave the EU wobbled markets in 2016.
In total, 161 “super-prime” properties costing over £10 million were sold in the year to March 2023, at a total spend of £3.1 billion ($3.9 billion), according to a Knight Frank report. Twenty-three of those cost more than £30 million ($37.8 million).
