London's super-prime market, conventionally defined as sales above GBP 10 million, records between 100 and 200 transactions a year, concentrated in a handful of postcodes: Mayfair, Belgravia, Knightsbridge, Kensington, Chelsea, Holland Park and St John's Wood. A large proportion of these sales are agreed privately, and the agents who operate at this level are as much gatekeepers as marketers.
The market is divided between selling agents, who act for the vendor, and buying agents, who act exclusively for the purchaser on a retained basis. Knight Frank, Savills and Beauchamp Estates dominate the selling side of super-prime; independent buying agents have grown in importance as off-market activity has increased.
Stamp duty at the top rate, including the surcharges for non-residents and additional properties, can exceed 17 percent of the purchase price. Structuring, leasehold complexity and planning constraints in conservation areas mean that the agent, the solicitor and the tax adviser need to work together from the outset.
What to Look For in a London Real Estate Professional
- A dedicated super-prime or private office team, distinct from the general residential business
- Clarity on whether the agent acts for the vendor or for you
- Off-market track record in your target postcodes
- Coordination experience with conveyancing solicitors on leasehold, freehold and share-of-freehold structures