London’s super-prime property market is attracting a younger generation of buyers, with technology, entrepreneurship and new sources of wealth changing the profile of those purchasing at the very top end of the market.
In a recent feature in The Telegraph, Rhianne McIlroy of Middleton Advisors discusses how the buyers entering this part of the market are changing.
Historically, properties worth £10m and above were more commonly associated with established wealth in banking, law and finance. That picture is changing. The article notes that buyers in their 30s and 40s are increasingly appearing at the top end of the market, having built their wealth through technology, entrepreneurship, social media and other newer industries.
As Rhianne observes, “gone are the days when you’d have people buying prime and super-prime in their 60s.”
What these buyers want from their homes is changing too.
The Telegraph highlights a move away from some of the more familiar features of super-prime property towards spaces designed around individual interests and the way people live. Private cinemas, wine cellars and home entertainment spaces are joined by more personal amenities, including ice rinks, golf simulators and dedicated wellness areas.
Wellness, in particular, has become a notable consideration. Rhianne describes it as “the number one trend” in super-prime property, with features such as ice baths, cryotherapy chambers and infrared saunas appearing in homes.
There is also a greater emphasis on privacy. As wealth becomes more visible online, security and discretion are increasingly important considerations for buyers, with the article highlighting everything from sophisticated security systems to private entrances and back-door access.
For Middleton Advisors, the interesting point is not simply the changing list of amenities. It is the way in which a new generation of wealth is influencing what buyers want from a London home.
The super-prime market continues to be shaped by the individual circumstances and preferences of its buyers. Increasingly, that means homes are being designed around how people live, work, entertain and spend their time, rather than following a standard formula for what a £20m-plus property should contain.
Read the full article here.
