The weekend’s Sunday Times was all about the super rich and luxury property market, with the acclaimed Sunday Times Rich List out this weekend just gone.
In the property market, as in all things, the definition of luxury depends on where you are and whom you ask. As a rough guide, though, you’re looking at what Lucian Cook, director of residential research at Savills estate agency, terms “super-prime” — in other words, property costing more than £5m in London or more than £2m elsewhere.
The more zeros you add, the higher up the luxe ladder you climb; if you’re seeking the ultimate in extravagance, you need to speak to the 0.01%, the ultra-prime purchasers who splashed out on 38 properties in the capital costing more than £20m in 2018 — the highest number of deals at this level in five years, according to Knight Frank.
Tastes are varied, efficiency (of how a property runs) is key, high ceilings and large walls (for art) are important, and sustainability and wellness is rising up the shopping lists of the moneyed class.
Harry Gladwin, Partner at The Buying Solution, talks to The Sunday Times Home supplement about how the wealthy have a new interest in extreme wellness in the home. “There is a lot of investment (in wellness). It’s not unusual for people to install humidity-controlled gyms, hypoxic chambers and hot yoga studios — even in their weekend homes.”
Link to online article here: https://www.thetimes.co.uk/article/how-the-0-01-really-live-dvpm7mxvt