In their prime

ANEW generation of young and superrich buyers is behind a sharp increase in prime property sales, according to The Times. The newspaper quoted a report by estate agency Knight Frank that said 102 homes worth more than £10 million were sold between October 2020 and October 2021, more than in the same period in either of the two previous years. Interestingly, fewer homes worth more than £30 million (nicknamed trophy assets) sold in the same period.

Marc Schneiderman, director of luxury London estate agency Arlington Residential, described the ‘new breed of super prime buyer’ as ‘in their mid thirties working in tech’, going on to say that ‘they don’t need the profile that goes with living on Kensington Palace Gardens. It’s not that they can’t afford it. Some of these guys are worth a fortune, but they’re keen to retain their anonymity’.

Knight Frank also revealed that there are 68,000 homes in London worth £2 million or more, more than any other capital city.