Monday, July 25, 2022

The Rich Still Have the Money

 The total value of £10m-plus London homes changing hands so far this year has topped £1bn 

Anthony Payne, managing director of property service LonRes, said there was “a hell of a lot of money around chasing very few properties, and of course that is pumping up prices”.

He said the drop in the value of the pound, which has fallen by 11% since the start of the year to $1.20, had attracted overseas buyers looking for “a deal”.

“The rich have a lot of money at the moment,” he said. “Governments have thrown in huge liquidity, and whilst a lot of people are in pain financially, a lot of rich people have a lot of money to spend. They want to put it into property, and lock in while interest rates are low. Buying agent searches for super-prime properties, registered on LonRes, are at their highest level ever, which would all point to continued momentum in the immediate months ahead.”

Record number of £10m-plus London properties sold as pound falters | The super-rich | The Guardian

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