Can millionaires no longer afford prime central London property?

Prime central London property has become so hot that even millionaires can’t seem to afford it.

According to Savills, millionaires after swanky homes worth £1m-£2m have been priced out of central London. They are now looking to buy up property in the north, east and south-west of London.

According to the Daily Telegraph, Savills saw a “significant increase” in buyers for outer London property during the first four months of the year.

It forecasts that house price growth in London will slow from 8.5% this year to 6% in 2015, 4% in 2016 and 2% in 2017.

At its AGM yesterday, Savills’ head of residential research Lucian Cook said: “In part this is a catch up process, prime central London having outperformed post downturn. This is particularly true of the east of the City markets (Wapping and Canary Wharf) which have lagged other prime London markets over recent years.

“The outer prime London markets are being driven by very strong domestic buyer interest and significant accumulated wealth; we are also seeing deferred payments coming through from buyers in the financial and business services sector. International demand within these outer prime London markets is coming from buyers resident full time in London, largely families behaving like domestic buyers.”

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