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While the gilt has been taken off the incredible rises in the value of super-prime London property, this is the area of the market most likely to recover quickly when the upturn eventually comes, according to Nathalie Hirst, London Director of property acquisition specialists Prime Purchase.

“The current state of the top-end market has resulted in some exceptional opportunities for cash-rich buyers, especially those who have benefitted from the buying power of the Euro in relation to the pound”, says Nathalie Hirst, who has been active acquiring properties over £10 million since November last year.

The indication is that while the subdued state of the super-prime London market may continue into 2010, the Euro may begin to fall in value against the pound and there will be a shorter window of opportunity for wealthy foreign buyers to acquire.

Nathalie Hirst says “It’s apparent that super-prime property had no immunity against the global economic crisis. The extraordinary prices achieved up until the middle of last year led to the number of £10 million sales nearly doubling between early 2007 and Spring 2008. But that came to a halt towards the end of last year and, as buying agents, we are now looking at securing deals well below 2008 values and finding out who is prepared to sell now and who can wait until there are signs of recovery”.

That said, Prime Purchase does have clients prepared to buy now rather than wait. Nathalie Hirst says “Our buyers know that properties in Belgravia, Mayfair and Chelsea will lead the recovery when it comes and some want to buy now rather than later. For most it’s more about lifestyle than money”.

“London has not lost its status as the world’s leading financial centre and our clients and their advisers know that the UK economy has considerable resilience. And London still remains the capital of choice for the world’s super rich. It has the best private schools, outstanding universities, wonderful shops and restaurants and a fun and diverse cultural and social life. And, importantly, the UK still has retained taxation advantages for non-doms” says Nathalie Hirst.