Luxury London homes ''still sought after''


Fri 21st Dec, 17:10:26 GMT

High-end properties in London are in great demand from City workers and international buyers, it has been reported.

The Times cited details of a deal brokered by Knight Frank which revealed that a luxury home in Kensington which sold in 2004 for £13 million was sold this week for £26 million, reflecting the desirability of such exclusive properties.

Jonathan Hewlett, of Savills, told the newspaper that his firm has seen "some phenomenal deals in the last few weeks at the very top end".

This comes in spite of fears that the global credit crunch would encourage professionals working in the finance sector to tighten their belts in anticipation of reduced end-of-year bonuses.

There has also been concern that foreign buyers may be less willing to splash the cash in the UK after speculation that tax laws governing non-domiciled residents are to undergo a dramatic overhaul.

However Mr Hewllet said: "Deals are also still going through in the market between £1 million and £4 million, which is where City workers with bonuses are the most active, although there''s more due diligence going on than before, more dotting of the i''s and crossing of the t''s."ADNFCR-1143-ID-18405036-ADNFCR


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