While lending criteria tightened across parts of the property market, demand at the top end remained resilient, with London continuing to attract high-net-worth and ultra-high-net-worth buyers.
During the period, there were 362 transactions across the capital priced at £3M or more, with high-end buyers paying an average of £4,975,462 for property at this level of the London market.
However, the growing demand for space, privacy and seclusion also prompted interest in an alternative form of luxury property ownership: private islands.
Enness Global highlighted ten private islands available for purchase at prices comparable to, or below, the cost of a high-value home in London. Located across a range of international destinations, these properties offered buyers a very different combination of privacy, space and lifestyle.
The comparison reflected how buyer priorities had evolved, with outdoor space and privacy becoming increasingly important considerations for wealthy property buyers.
Private island ownership can offer a level of seclusion that is difficult to replicate in major global cities, although the practicalities of ownership can be considerably more complex. Financing, access, infrastructure, maintenance and local regulations can all play an important role when assessing an acquisition.
For high-net-worth buyers considering unusual or highly specialised property purchases, access to tailored finance can also be an important part of the transaction. Specialist lending can help structure borrowing around a client's wider asset base and financial position, rather than relying solely on conventional affordability criteria.
