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London calling all luxury buyers: Wave of $25M home sales sweeps city

Home sales of $25M and up in the British capital have exploded

(Credit: iStock)
(Credit: iStock)

A wave of luxury home sales has swept across London, bringing the total number of deals above $25 million — £20 million — to a five-year high.

In the last year, 38 homes in London have traded above that high-water mark, according to a report from Knight Frank as cited in Mansion Global.

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While London has always drawn the ultra-wealthy ready to drop tens of millions on lavish homes, its residential market has recently gained strength thanks to an international pool of buyers looking to take advantage of a weaker British pound.

Meanwhile, the U.S. dollar has gained almost 18 percent in the last three years, due in part to uncertainty over the pending exit of the U.K. from the European Union.

London now has 5,000 ultra-high-net-worth individuals, boosting it above the ranks of New York for people with a net worth of at least $30 million. In January, hedge fund billionaire Ken Griffin made headlines when he bought a Central London mansion for $122 million. Although he soon eclipsed that with his $238 million purchase of a Manhattan penthouse at 220 Central Park South. [MG] — Natalie Hoberman