What is the True Price of Luxury Living in London?

What is the True Price of Luxury Living in London?

Once upon a time if you owned a £1 million home you were granted access to an exclusive club of luxury property owners – after all, you were a millionaire. Nowadays, however, soaring house prices have made “millionaires” of many home owners. In fact, as a result of rising demand and ongoing housing shortages, property prices are edging higher to the point where a £1 million home may soon be considered the new norm, especially in London. According to Savills, the number of homes worth over £1 million in the Greater London area has grown by 165 per cent over the past five years.

So, if £1 million doesn’t buy you luxury anymore, what will? According to Christie’s International Real Estates, plush and luxurious in London officially begins with a £4 million price tag. You can get some lovely properties for less than that, but if you want to belong to that exclusive club, £4 million is the least it will cost you.

The new luxury has been redefined and rebranded to suit the lifestyles of the rich and famous. Buyers seeking luxury homes pay careful attention every detail, including who did the interior designing. In this elite club, the answer is almost always someone who’s had something to do with celebrities, sports stars and even royalty.

Smart technology is another must-have to control everything from the music to the oven; designer kitchens and bathrooms and extravagantly expensive finishes are par for the course in the new era of luxurious living, in fact, they can be said to define it.

What can millions of pounds buy?

Examples of properties currently available in excess of £2 million (as seen on Homes&Property Luxury) include:

On Hampton Row there is a Victorian-style terrace overlooking Barnes Common, where for £2.495 million you can buy any of the 12 apartments, or a five-bedroomed house measuring over 3,000 square feet with a sizeable back garden. If you have upwards of £3.8 million you can get a modern townhouse on Clay Street W1, but if £4.75 million is your entry level, then Chelsea Galleries in Kings Road is where you’ll get a three-storey townhouse with 2,400 square feet of open-plan interior space.

Clarges in Mayfair, overlooking Green Park sold 20 of the 34 apartments for £227 million. And for that tidy sum of money you get a nice big pool and a private cinema in the complex. A Penthouse at The Chilterns in Marylebone will cost you £25m. For that price, you’ll have original David Bailey photos on your walls, but the main attraction is the Moroccan-style roof garden with three entrances opening onto it from the folding glass doors of the penthouse.

Or, you could dream away your nights in the penthouse previously owned by the ever-gorgeous Hugh Grant for an as-yet -undisclosed sum of money. With four bedrooms, a Jacuzzi and an enviable 360 degree view of the whole of London, you can imagine the asking price is pretty steep, especially when you consider the glamorous and hip value Mr. Grant adds to the luxury home as a previous owner.

You don’t need a £4 million budget to avail yourself of Tepilo’s expertise when you want to buy or sell a home. Just contact us to speak to a property professional today.

Photo credit: Great James Street via Flicker

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