The French Riviera is temping high-end seekers from the UK capital, according to the latest market evaluation from a high-net-worth mortgage broker, Enness Global.
Newly released data from the firm shows that now, prime property sales of £3 million and upwards account for 4% of London properties, with some 2,679 listed for sale.
Data from the Land Registry indicates that house prices in Chelsea and Kensington have increased by 28.7% yearly, while in Islington they are up 8.7% and 6.5% in Hammersmith and Fulham.
Demand for high-end London properties now sits at 12%, and with the UK property market buoyed by an urgency to complete before April’s foreign buyer stamp duty tax increase, home prices in many of London’s most prestigious postcodes have risen considerably during the previous year.
The French Riviera property market boasts a similar degree of high-end property availability. With 2,859 homes recorded at £3m or above. 76% of those prime properties are in the French Riviera, with the Alps region accounting for its next most significant proportion, 15 per cent, and Paris (4%) and Provence (3%) also account for a small proportion.
As a result, property at £3m and over account for 6% of the total French Property market. Not only is there a more significant property for high-end homebuyers, but buyer demand now sits at just 1% compared to 12% in the prime London marketplace.
Managing Director of Enness Global Mortgages, Hugh Wade Jones, spelt out what this meant for property buyers.
“We see a growing interest in prime French property amongst global high-end buyers and, this is being driven by a few factors.”
He followed by saying, “In terms of property availability, it is nearly like for like, certainly when comparing the French Riviera to the high-end London marketplace. So there remains a great level of choice concerning purchasing options.”
“Across London, the impending hike in foreign stamp duty tax is causing buyers to transact with urgency and, in many cases, pay more than they have in regular market conditions. We are simply not seeing that urgency in the French market, and buyers can transact at their own speed, with this reduced level of need also leading to more space to negotiate on the asking price.”
“When you couple these market conditions with the fact that the French prime market offers far more property for your money, and a better climate to boot, it’s clear to see why high-end buyers from around the world are showing interest over London.”
If you would like to view any properties on the French Riviera you can visit Park Palace Immobilier.
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