The number of sales of prime London homes over £5m fell by 2.1% in 2018.
There were 334 home sales in the year, with a total value of £4bn, according to analysis from Savills. That compares with 341 transactions totalling £3.6bn in 2017, and 351 worth £4bn the previous year.
While the number of transactions fell, the total value increased by 10%, as sales of super prime mansions in the capital defied the downward trend.
Decreases were focused in the prime market of homes priced between £5m-£15m, which dropped 10% year-on-year. There were 261 transactions totalling £2bn, against 290 at £2.2bn the previous year.
The super prime market of homes priced over £15m was up, with 73 home sales up 43.1% last year. Sales values rose from £1.4bn to £2bn. The average price paid for these high value properties was £3,375 per sq ft, 14 times the average across England.
Jonathan Hewlett, Savills head of London residential, said: “The sums spent of the very top end of the market demonstrate the ultimate and enduring appeal of London’s most rare trophy properties – both heritage and new – when they come to the market.”
Lucian Cook, director of residential research at Savills, said the figures are “clear evidence that London remains an attractive place for a growing pool of international high net worth individuals to live and conduct business”.
Cook added: “The price falls we’ve seen in the central London market, when combined with the depreciation of sterling, means the trophy properties of central London look relatively good value in an international context.”
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