Sales

Key property market activity metrics all remain negative - but less so than in January.

The Mayfair house market is having a moment, reports Knight Frank's local sales team.

...but larger homes are still taking much longer to sell than usual.

Central London's 'investment window looks incredibly ripe for super-prime assets,' says Strutt & Parker boss.

Dollar-based buyers enjoyed significant currency discounts on homes in London last year, but demand from European and Middle Eastern buyers remains low.

The number of £1mn-plus homes has rocketed by around 40% since 2019, reports Savills.

'Whilst the prime property market has healthy levels of activity it nonetheless remains incredibly price sensitive,' says Garrington.

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Following a bumper 2022, Savills has registered the highest number of buyers looking for £5m-plus homes since its analysis began.

'There remains a huge amount of nervousness among borrowers, who aren't sure which way mortgage rates are likely to move next,' comments Knight Frank Finance on the latest BoE mortgage lending data.

London and New York continue to lead for ultra-prime home sales - above US$25mn - according to Knight Frank's just-published Wealth Report 2023.

2023's purchasers are falling into two categories, says buying firm Eccord.