Few other cities can match the combined benefits of England’s capital. It is geographically convenient, cosmopolitan and multicultural, and its cluster of public schools and universities are considered unrivaled, as is its status as a combined business, financial and tech center.
But London’s luxury badge is a little tainted and its star has slightly slipped. A combination of political and economic factors from the Brexit turmoil and perhaps most significantly, increased taxation on the most expensive properties, have contributed to a fall in luxury property prices.
Nevertheless, the fundamental attraction of the London market remains unchanged, and it is still drawing buyers for its most prized properties. For foreign buyers, also, the weaker pound has been good news.
The "golden postcodes" in prime central London remain the first port of call. Mayfair for example, has 15 developments due to deliver 501 new luxury residences by 2023. And while Marylebone’s popularity continues to grow, interest in discovering the “next neighborhood” and the search for value is pushing more buyers into the “City Fringe,” in East London, Maida Vale in the North, and Victoria in the South.
Meanwhile, London’s skyline is dotted with cranes, as countless luxury developments emerge in new neighborhoods, including Kings Cross, Battersea, Elephant and Castle and Nine Elms. There are new pockets in more established areas that are emerging too: Chelsea Waterfront or Grosvenor Waterside, as well as the London Underground’s “Zone 1” locations that have traditionally been overlooked.
For many, London is still a top global destination for buying a second home. Primary factors cited included high-quality infrastructure, a cosmopolitan lifestyle and good return on investment.