London property prices: Luxury homes are so expensive in London, the uber-rich are going bargain hunting in New York
Luxury homes in London cost "double" those in New York, new research has suggested – meaning super-wealthy Britons are increasingly going bargain hunting in Big Apple.
The Transatlantic Wealth Report, by upmarket British estate agent Beauchamp Estates and New York equivalent Leslie J Garfield, found the value of luxury homes in London's most exclusive areas is typically twice as high as their equivalents in Manhattan on a per square foot basis.
The research showed a large family home in Knightsbridge averages £2,194 per sq ft, compared with £1,196 per sq ft in its Manhattan equivalent, the Upper East Side.
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In Belgravia, the average family home is £2,031 per sq ft, compared with £826 per sq ft on the Upper West Side.
In the two cities' financial districts, the contrast is stark: in the City of London, residential property will set you back £1,263 per sq ft, compared with £735 per sq ft in Midtown, Manhattan.
And it turns out even the super-rich like to bag a bargain. New York's lower prices have triggered a seven per cent rise in the number of London-based high-net worth individuals going house hunting in the city, the report suggested.
You can see why wealthy Londoners are attracted to New York: it has 76 Michelin-starred restaurants, compared with London's paltry 65. Although our capital boasts more museums (173 vs 131) and art galleries (857 vs 721).
With 8.6 million residents, London may have a slightly higher population than Manhattan's 8.49 million – but it also has a lower population density, with 131 residents per hectare, compared with Manhattan's 188. Take that, New Yorkers.