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Sales of “super-prime end” properties rose by half in 2018: Octane Capital

The number of residential property sales at the “super-prime end” of the market doubled in 2018, despite Brexit related uncertainty, according to HM Revenue & Customs.

The figures show that 300 homes priced at £10m and over were sold in 2017, an increase of 100 from the previous year.

One third of these homes sold in 2017 were bought by second home owners.

Furthermore, the data reveals that the number of second home buyers purchasing properties over £2m more than doubled from 800 in 2016, to 1,900 in 2017.

Meanwhile, the number of homes sold for more than £1m exceeded 20,000 for the first time in 2017.

Octane Capital chief executive Jonathan Samuels says: “The mainstream property market saw transaction levels tail off considerably following the EU referendum vote, but at the very top end of the market activity levels soared as ultra-wealthy opportunist buyers cashed in on rapidly softening prices.

“The weakness of sterling means a fair percentage of these buyers were almost certainly based overseas, as some of Britain’s wealthiest cities became a goldmine for foreign investors seeking a bargain.

“The fall in the pound more than compensated for the 3 per cent stamp duty surcharge on additional properties.”

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