--- title: London's super-rich property market booms with £3.1bn in sales description: London's luxury property market sees a surge in sales of £10m+ homes, but concerns over non-dom tax loophole and political uncertainty loom. image: https://www.propertyloop.co.uk/hubfs/inflation-concerns-mount-as-boe-mulls-may-4th-rate-hike.jpg --- [All posts](https://www.propertyloop.co.uk/news/all) ## STAY IN THE LOOP Get the latest landlord news [![Landlords 250 properties required in London for corporate tenants](https://no-cache.hubspot.com/cta/default/7623753/d7dbeed7-f12e-4de4-8ae6-aebba697f7e6.png)](https://cta-redirect.hubspot.com/cta/redirect/7623753/d7dbeed7-f12e-4de4-8ae6-aebba697f7e6) [All posts](https://www.propertyloop.co.uk/news/all) [Brexit](https://www.propertyloop.co.uk/news/tag/brexit), [News](https://www.propertyloop.co.uk/news/tag/news) May 17, 2023 5:31:44 PM # London's super-rich property market booms with £3.1bn in sales The London property market for luxury homes has seen an increase in sales, with over 160 properties sold in the past year - at an average price of £19 million - worth a combined total of £3.1bn. This marks the highest number of sales since 2016, when concerns over Brexit deterred global investors from investing in the UK's "super-prime" market. Despite the political uncertainty surrounding Brexit, London still remains highly regarded by global buyers, according to the global head of prime sales at Knight Frank.   ## Labour party election win could dampen expectations  Despite this promising news, some predict that super-prime sales will decrease by at least 10% over the next 12 months due to concerns over the Labour party's pledge to scrap a tax loophole for non-doms if they win the next general election. This loophole allows the UK's resident super-rich non-doms to avoid paying tax on offshore income. Last year, academics found that 26,000 of those granted non-dom tax status by HM Revenue and Customs collected an average of £420,000 a year in unreported overseas income and capital gains. The prime minister's wife, Akshata Murty, avoided up to £20m in tax on dividends from Infosys, an IT business co-founded by her father, thanks to her non-dom status. Estate agents believe that issues such as the taxation of wealth and property and the status of non-doms are likely to come under growing scrutiny, which may affect the sales of luxury properties. Despite this, several expensive London houses have recently come on the market, including a 45-room "private palace" overlooking Hyde Park, with an asking price of £200m. 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