Viewing for UK ‘super-prime’ properties, valued at £10m plus, are falling at the steepest rate for a decade, due to international travel restrictions.

However, estate agent Knight Frank says the number of prospective new buyers registering within this price bracket has increased by 109 per cent in the year to January, when compared to the previous 12 months. 

It says this is the highest rise in more than 10 years and underlines the extent to which pent-up demand for UK property is building overseas, thanks in part to the success of the country’s vaccine roll-out and more certainty over Brexit.

It says the total number of £10m-plus property deals in London in 2020 was 93. This compares to 99 in 2019, although the total for last year will rise as more data comes in.

Total spend was £1.62bn in 2020, down 12 per cent from a figure of £1.85bn the previous year.

Knight Frank says overseas buyers have accounted for between two-thirds and three-quarters of sales in this property bracket in recent years.

It adds domestic demand of UK property has been turbo-charged by three national lockdowns.  Annual price growth climbed to 7 per cent in December, with the stamp duty holiday playing a supporting rather than a central role in this market

While the number of prospective buyers overseas has been rising in the past year, the number of viewing of UK property fell by 36 per cent, largely due to the pandemic. 

Knight Frank, global head of prime sales Paddy Dring says: “Demand is as strong as ever so there is some frustration among overseas buyers who are unable to travel to the UK.

“The challenge is the quarantine rules. When the restrictions are relaxed we expect demand to return very quickly.”

As well as the success of the vaccine roll-out, Knight Frank said demand is also being supported by a rising pound. It adds that the the flat performance of prices in prime central London in recent months will limit any disruption from a 2 per cent surcharge for overseas buyers that will be introduced in April.