It’s enough to make us weep. London’s falling prime-resi property prices are creating a massive mansion market-on-a- budget. The value of homes in the smartest addresses fell by a quarter over the past year, according to Your Move.
Uncertainty about Brexit is to blame, yet, says London property lawyer Collyer Bristow, international investors remain active and are snapping up the bargains.
Hedge fund billionaire Ken Griffin has purchased 3 Carlton Terrace – a 20,000sqft Georgian house overlooking St James’s Park – for £95m, down from £145m, yet it’s still the most expensive home sold in London since 2011.
Janet Armstrong-Fox, Head of Private Client Property at Collyer Bristow said, “Despite the Government’s best efforts, London remains an attractive destination for the world’s super rich to own property. Despite Brexit, it will remain a global gateway city, boasting world class education, retail, and cultural assets.”