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With house prices dropping everywhere but London, Knight Frank has sold £158million of top end property in North Surrey since April.
The mammoth figure has come from each home selling for in excess of £4million each, with nearly half the buyers coming from Russia and the Commonwealth of Independent States (43%). The UK has provided 32% of the buyers.
Homes in the North Surrey area have been going at an average of £713 per square foot since April this year.
James Cleland, responsible for prime sales in North Surrey admits it’s a sudden upturn- “As with the majority of the UK, the market in North Surrey was extremely difficult during the credit crunch. The number of top end sales dropped dramatically and those vendors who had to sell were confronted with accepting significantly reduced prices. The market has undoubtedly made a very significant recovery in the last four months with strong demand. The fact that seven properties have exchanged contracts at figures in excess of £10m, with a further three under offer, clearly illustrates this.”
He feels the area is attracting people moving from the city, and as the numbers show, from abroad. “North Surrey is known for its private roads and estates, which consistently hold appeal for the buyer who wishes to live in a safe environment with like-minded people, good schools and great travel links to London and the international airports.
“Estates such as St George’s Hill, Wentworth and the Crown Estate in Oxshott are internationally renowned and those who already live there recommend the North Surrey estates to friends relocating to the UK or moving out of London.
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