In the final six months of 2024, Knight Frank found transactions of prime central London properties rose by three per cent compared to the same period in 2023.
“Activity was skewed towards the second half of the year due to falling rates over the summer and a relief bounce in October when it became clear that capital gains tax for residential property would be left unchanged in the Budget,” says Tom Bill, head of UK residential research at Knight Frank.
The story for 2024 overall, however, reads very differently, as prime central London prices fell by one per cent year-on-year to December. For those wanting to buy in cash (which typically accounts for half of sales in the central London boroughs of Westminster and Kensington & Chelsea), the rise in mortgage rates over the last few years has been beneficial.
“In a buyer’s market like this, rising mortgage rates assist cash buyers,” says Stuart Bailey, head of London super-prime sales at Knight Frank. “They become more sought-after as they are ready to act and will therefore drive a harder deal.”
So, if you’re lucky enough to have cash to splash, what can to get for a few (hundred) million in London?
One Hyde Park (£175 million)
United Kingdom Sotheby’s International Realty
By a significant margin, this is the most expensive property in London but, for a cool £175 million, you could bag yourself unparalleled views of Hyde Park 24/7. This penthouse in the prestigious One Hyde Park development covers the 10th and 11th floors and extends to 18,000 square feet.
For this punchy price tag, you get a Japanese-inspired kitchen with black forest granite countertops, floors and Gaggenau appliances, and five en-suite bathrooms, each with Jacuzzi-style jet pools and enormous dressing rooms. Alternatively, you can relax in your very own cocktail bar, home cinema or private spa which comes with a treatment room, sauna and steam room. There’s also a gym with the latest equipment if working out is more your thing.
“The penthouse is one of the finest residential real estate assets in London, offering unparalleled lateral living space, in a super prime location in Knightsbridge, with uninterrupted views over Hyde Park,” says Becky Fatemi, Executive Partner at Sotheby’s International Realty UK.
Portland Place, Marylebone (£65 million)
Knight Frank
Royalty and celebrities have graced No 33, Portland Place since it was built by Robert Adam in 1775. Prime Ministers Archibald Primrose and Herbert Asquith both dined here in the 19th century; the Oscar-winning The King’s Speech, starring Colin Firth, was largely filmed here; while Amy Winehouse used the house as the location for the music video for her hit Rehab.
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Knight Frank
As well as its famous connections, the 10-bedroomed, Grade II*-Listed property has a kitchen with distinctive leaded windows and skylights, and a sitting room with original mouldings, floor-to-ceiling windows and a stunning handcrafted chandelier. On the basement level, you’ll find a private pool, hot tub, treatment room, juice bar and TV room, while there’s a sky lounge on the fourth floor to make the most of the views.
Balfour Place, Mayfair (£49.5 million)
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OB Private
Balfour House has been described as the most exceptional townhouse in Mayfair — it benefits from being the only south-facing, double-fronted home in Mayfair Village and has large living spaces but also the charm of a family home.
Another major selling point is the 525 square foot roof terrace with a 360º view of the London skyline. Inside is just as impressive and includes a dining room complete with French doors opening out onto a private garden, a 200-square-foot family room, self-contained staff flat and seven bedrooms. Whether you’re after peace and quiet or a buzz, this property offers both; it’s just 100 yards from the serene gardens of Mount Street and the hustle and bustle of Harry’s bar and the George Club.
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OB Private
“The property’s stunning red-brick facade epitomises Mayfair’s architectural heritage, while its extraordinary 45-foot frontage is unmatched in the current market,” says Charlie Gibson, Managing Director of OB Private. “Inside, the home spans 9,727 square feet, featuring a triple aspect that floods every corner with natural light, a private roof terrace, and an internal lift for ultimate convenience. To add to its charm, Balfour House boasts a fascinating history, having once been the home of the Coleman’s Mustard family.”
Chelsea Barracks (£47 million)
United Kingdom Sotheby’s International Realty
While it might be inspired by the Georgian architecture of historic Chelsea, this newly built six-bedroom townhouse has a modern finish inside. There’s a Halstock kitchen, featuring integrated appliances from Sub-Zero and Wolf, cinema room, temperature-controlled wine room and spa, with swimming pool, steam room and sauna as well as a well-equipped gym. Located on Whistler Square, this home boasts quiet and tranquillity, while also being in the heart of central London.
Penthouse at The Residences at Mandarin Oriental Mayfair (£35 million)
Nest Seekers Private Office
Tucked in just behind Oxford Street and Regent Street is Hanover Square, a little oasis in the heart of Mayfair, and The Residences at the Mandarin Oriental Mayfair is the neighbourhood’s newest addition. This luxurious penthouse features bespoke interiors by Thomas Juul-Hansen, four en-suite bedrooms, two outdoor areas with stunning views of London’s skyline from the 11th floor and a discreet service entrance (for staff!) Plus, as a resident of The Residences at Mandarin Oriental Mayfair, you’ll also get access to an array of exclusive amenities, including Michelin-star in-residence dining by chef Akira Back, a luxurious spa and 25-metre heated pool.
“This four-bedroom penthouse offers unmatched elegance, expansive living spaces, and breathtaking city views from the heart of London’s most prestigious neighbourhood,” says Eric Corsaletti, Managing Director, of Nest Seekers Private Office.