London’s property boom could be partly down to tech contractors
The property market in London has always be buoyant, defying the trends seen elsewhere in the country with rising prices and continued interest from buyers who are prepared to pay for the location that they want. Some experts have analysed recent sales figures and identified the groups most likely to be snapping up properties at the high end of the market, revealing that techies in their thirties have been responsible for a rise in sales of properties costing upwards of £10 million.
Luxury estate agents Knight Frank have reported an increase in the number of buyers under 40 who are investing in property at the higher end of the market. There has been an increase of 7.3 per cent in the number of buyers in this age group in the first six months of the year compared to the same period last year. During this time, the number of so-called ‘super prime’ buyers in their 30s has also increased significantly, from 7.1 per cent to 14.8 per cent.
According to those who work in the sector, the majority of the new entrants to the market are those who have made their money in tech and the IT sector. These professionals are eschewing the traditional ‘golden postcodes’ such as those around Mayfair, and are instead choosing to set up their homes in high-end properties around London’s Southbank, where there are homes selling for £10 million plus.
Some of the main draws for properties amongst this group are services such as 24-hour concierge services, on-site leisure facilities and secure parking. Because so many of those in this category work for themselves, they are keen to spend their free-time enjoying the fruits of their labours and making the most of their free time by outsourcing time-consuming tasks where possible and making the most of the facilities they can afford.
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