London’s 10 most expensive homes sold this summer includes £38m Kesington house

London’s property market has faced some serious fluctuations of the past year and a half with the pandemic, lockdowns and work from home schemes all causing people to reevaluate their living conditions.

While demand for London property has faced a drastic decline in both potential buyers and renters during his time, a report from the Mayor of London’s office shows that since the end of lockdown a recovery has been made in both areas.

The report, from September 2021, summarises the state of the London property market with some big shifts beginning to happen.

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It definitely appears to have better news for people looking to rent out a property than for people wanting to sell it, saying: “The speed of change in London’s rental market is illustrated by a rapid shift from excess supply to excess demand in both the flatsharing and prime central London markets.”

“Demand from potential buyers in London fell in August following strong growth during spring and summer,” it added.

Despite a boom in London’s renting market, the buying market is down leading to many properties being left unsold.

However, figures do show that even with shrinking demand, London property is still worth an enormous amount with the 10 most expensive sold this summer still costing millions of pounds.

The most expensive of the bunch is a detached house in Phillimore Gardens, Kensington and Chelsea, which sold for £38,000,000 in August.

The parkside property is situated near Highstreet Kensington tube station in the heart of West London’s most affluent boroughs.

At £38m it is by far the most expensive house to be sold this summer being as expensive as the next three houses on the list combined.

The other most expensive houses sold this year are:

A detached house on Holford Road in Hampstead sold for £13,500,000 on August 19.

The Garden Maisonette, a flat in Holland Park, Kensington and Chelsea, went for £13,000,000 on September 10.

A flat in Onslow Gardens, Kensington and Chelsea, cost the buyer £11,500,000 on August 24.

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A flat in The Knightsbridge Apartments, City of Westminster, was purchased for £10,500,000 on July 19.

A semi-detached house in Hamilton Terrace, City of Westminster, was acquired for £9,800,000 on July 30.

A terraced house on Gerald Road, City of Westminster, was bought for £8,750,000 on August 31.

Another terraced house in Kensington and Chelsea sold for a similar price, selling for £8,500,000 on August 23.

A terraced house in Walton Place, Kensington and Chelsea, was snapped up for £8,000,000 on August 12.

Mckenzie House, which is a detached house in Ruislip, sold for £7,800,000 on July 28.

It is obvious from this list that location still plays a big factor in the amount people are willing to pay for a property, with 8 of the top 10 most expensive properties sold being situated in Kensington and Chelsea, or the City of Westminster.

Only time will tell if this trend will continue now that the economy has fully opened up.

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