Super-prime buyers look at London and beyond
PUBLICATION: FT PROPERTY EUROPE & MIDDLE EAST - Extract taken from article published 16th September, 2015.

The nature of what the wealthy are buying is also changing. Off-plan purchases - buying on the basis of plans for an as-yet unbuilt property - has become "preplan", says Christopher Murray, managing director of London based W1 Developments.

"Very wealthy people are approaching developers direct, buying an idea and hoping they get planning consent," he explains. But sustained demand has led to a boom in supply and consultants warn that while the super-prime market may survive and thrive, the tier just below - of houses and flats selling for £1m - £2m - is fast reaching overcapacity. "There could be a bit of a bloodbath", warns Mr Murray, "particularly in the high-density areas (in London), where there is a tonne of development coming on at the same time. Everyone is chasing the same customer."