Top end of housing market stays strong

Property Week

Despite interest-rates rises, demand for luxury homes shows no sign of abating.

Developer Northacre sold a penthouse within its redevelopment of the former New Scotland Yard site in central London for £19m at the end of last year.

The firm’s The Broadway, designed by Squire & Partners, include 258 homes from one to five bedrooms and resident facilities such as a gym, spa and games room.

Simon Edwardson, head of sales at Northacre, says interest in top-level residences in central London is “showing no signs of waning”.

“We have seen a vast cross-section of purchasers and demographics resulting in £50m in sales in November, from one-bedroom apartments to penthouses,” he says. “This momentum looks set to continue well into this year.”

A paucity of competition at this level keeps interest high in properties that can offer a combination of views, space, location and specification, Edwardson adds.

“Domestic and international buyers alike want to own an exceptional piece of the fabric of London,” he says.