London sees surge in sales of £10 million-plus properties, highest since 2016

In the recently concluded financial year, London witnessed the sale of over 160 properties valued at £10 million or
more, marking the highest number since 2016. During that year, the global super-rich were deterred from investing in
the UK’s “super-prime” market due to Brexit concerns. The analysis of Land Registry data conducted by estate agent
Knight Frank and data provider LonRes reveals that a total of 161 such sales, averaging three per week, took place in
the capital city between April and March.
Buyers collectively spent a total of £3.1 billion on properties priced at £10 million or above, resulting in an average
sale value slightly exceeding £19 million. This amount reflects an increase from the previous year’s figure of £2.5
billion spent on 144 properties. Paddy Dring, the global head of prime sales at Knight Frank, expressed that despite
recent events, London continues to be held in high regard by international buyers.
However, he also predicted a decline of at least 10% in super-prime sales over the next 12 months. This apprehension
stems from concerns among the global super-rich and their advisors regarding the possibility of the Labour party
winning the upcoming general election, which is expected to take place next year. The party has pledged to eliminate a
tax loophole for non-domiciled individuals, further fuelling their worries.

Currently, wealthy individuals residing in the UK but officially designated as non-domiciled, with a permanent
residence outside the country, can legally avoid paying more than £3.2 billion in taxes on a minimum of £10.9 billion
in offshore income per year. These figures were reported in a study released last year.
According to an analysis conducted by academics from the University of Warwick and the London School of
Economics, it was discovered that HM Revenue and Customs granted non-domicile tax status to approximately
26,000 individuals. The researchers delved into the data and sought to answer the question of who would potentially
purchase Britain’s most expensive house, describing it as a destination for individuals possessing immense wealth.
Akshata Murty, the wife of the Prime Minister, benefited from her non-domicile status by avoiding potential tax
payments of up to £20 million on dividends received from Infosys, an IT company co-founded by her father. However,
it should be noted that she agreed to pay taxes on all future worldwide income, excluding past earnings.
One notable buyer from the previous year was Swiss billionaire Ernesto Bertarelli, who acquired an 80-room mansion
in Belgravia for £92 million. The lavish property features a 20-meter swimming pool, a luxurious gym, and a cinema.
Hanzade Do?an Boyner, the founder and chair of the Turkish e-commerce platform Hepsiburada.com, known as “the
Amazon of the east,” purchased a six-bedroom mansion in Knightsbridge for a sum of £27 million.
The majority of sales exceeding £10 million were concentrated in Kensington, with 26 properties sold, followed by
Belgravia with 25, and Mayfair with 22.
Furthermore, there have been recent additions to the market that boast even higher price tags. For instance, 2-8a
Rutland Gate, a grand residence with 45 rooms and a view of Hyde Park, is being offered at a staggering £200 million.
Similarly, The Holme, a luxurious villa consisting of 40 bedrooms located within Regent’s Park, is also seeking offers
surpassing £200 million.

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London sees surge in sales of £10 million-plus properties, highest since 2016

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