Under 40s snap up £10 million plus London property
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Almost a fifth of people buying super prime property in the past year were under the age of 40.
The Super Prime Insight report by Knight Frank found that 18 per cent of people who bought super prime homes (defined as costing £10 million or more) between June 2014 and the same month in 2015 were aged 40 or younger.
A significant proportion of these buyers were in their 30s, and the number is growing. Between June 2014 and the same month this year the proportion of 30-something buyers in the super prime price bracket more than doubled, increasing from 7.1 per cent to 14.8 per cent.
During the same time period, the average age to buy a first property in London edged up to 35, raising the question of who these buyers are and where they have sprung from.
Daniel Daggers from Knight Frank said: “We’re seeing more young buyers who have made their money in tech and IT.
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“In addition we find that decisions are increasingly being entrusted to the younger generations of families who are often those occupying the property.” said Daniel Daggers.
The greatest number of super prime buyers were in their 50s, compared to 2014 when the dominant group in the market were aged between 40 and 50.
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A greater proportion of buyers were also British, rising from 34 per cent in 2014 to 37 per cent in the year to June 2015.
Overall, however, super prime property grew at a slower rate (4 per cent) than prime central London Property (10.3 per cent).
Super prime property is increasingly found outside the traditional ‘golden postcodes’ of Mayfair, Kensington and Chelsea, and is well established in north London areas such as Hampstead, St John’s Wood, Regent’s Park and Marylebone.