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London is worlds most luxurious property market

By Anthony Irving  //  Mon 1st August 2016
Mortgage lending to buyers of homes in London hits £7.1bn in the first quarter of 2016 after capital retains luxury property market title

London has retained its title as the world’s most luxurious property market for the fourth year in a row.

The capital topped the list of 100 cities surveyed by an international property business, beating Hong Kong, New York, Los Angeles and Singapore to top spot.

London had more luxury listings than any other city in 2015, as well as the world’s second most expensive residential sale at £92m.

And London’s chances of holding on to its title improved when mortgage borrowing to fund house purchases in London jumped 41% to £7.1bn in the first three months of 2016 when compared to the first quarter of the previous year.

Figures from the Council of Mortgage Lenders show the amount borrowed by home buyers in the first quarter of the year was 6% up on the last three months of 2015.

Separate figures from the British Bankers’ Association show the number of mortgages taken out in the whole of the UK slipped from 82,971 in March to 78,301 in April.

And the value of those home loans fell to £10.9bn in April from £16.1bn in March, although this is put down to buy-to-let investors rushing to complete purchasers before a 3% stamp duty surcharge on second homes came into force on 1 April.

Property in Hyde Park, Marble Arch, Knightsbridge and other areas of central London that the property professionals at Plaza Estates have an in-depth knowledge of remains in high demand. To discover how much your home could be worth, contact us today for an up to date evaluation of its market value.

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