The cost of "luxury" in London is now £4m
November 29, 2014 - London
A million-pound home is no longer expensive enough to buy you membership of London’s luxury property club.
In the past decade, homes in the capital worth a million or more have become 10 a penny. No fewer than 7,529 changed hands last year – a 400% increase since 2003.
And the total pool of homes over the £1m mark in Greater London has grown by 165% in five years, according to research by Savills.
Property millionaires can no longer be found only in the exclusive boroughs of Kensington & Chelsea and Westminster. They are now all over the city, from Wandsworth to Camden and Islington to Richmond.
As family homes in suburban areas such as Croydon, Waltham Forest and Bexley break through the £1m barrier, you have to pay a lot more if you want to say you live in a “luxury” property.
For the auctioneer Christies, the official cost of “luxury” in central London has doubled since 2009. It now begins at £4m. This will get you location, but precious little space.
“You can buy a good one-bedroom apartment of about 1,000sq ft in a high-end development for £4m,” says Giles Hannah, of Christie’s International Real Estates.
“With international demand driving prices, I would expect to see similar rises in the near future.
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