London property market boom: Boris Johnson election win sees mega deals completed within hours — including sale of £65m Belgravia mansion

A huge wave of cash has cascaded into the London property market in an “elation boom” triggered by Boris Johnson’s crushing general election victory.

Deals worth hundreds of millions of pounds that had been put on ice have been exchanged or agreed since the scale of the Conservative win became clear, as relieved buyers flooded back into the capital.

In the most spectacular example, a six-bedroom duplex penthouse in Belgravia was sold for £65 million to a Hong Kong businessman in his thirties just hours after the thumping Tory majority was confirmed.

Dozens of others smaller deals — many with so-called “Corbyn clauses” in their contracts — were also pushed through on the tide of euphoria released by the ending of the prospect of a Labour government.

They included a £28 million development site in north-west London and a £3.65 million apartment in Park Mansions, Knightsbridge, sold to a Russian buyer.

Estate agent Becky Fatemi, founder of London agency Rokstone said she had three deals on properties in the £4 million to £7.5 million range that had been on hold pending the outcome of the election that are due to exchange today.

Trevor Abrahmsohn, managing director of north London estate agent Glentree International, said the first words uttered after the exit poll came in were: “Hallelujah, let’s rejoice.” He added:

“The feeling was we have not just dodged a bullet, we’ve dodged a nuclear explosion. When the guillotine stops an inch from your neck and you get a reprieve, obviously, it’s just elation.

“I said to my team, ‘If you think you can back-pedal between now and Christmas, think again’ — it’s going to be like April and September, the two busiest months of the year.”

The £65 million Belgravia Gate deal, thought to be the highest price paid for a penthouse in London this year, was brokered by high-end agents Beauchamp Estates.

The 9,800sq ft apartment at Grosvenor Crescent also has a 2,000sq ft private rooftop terrace. On the lower floor are two large reception rooms, a formal dining room for up to 16, a family kitchen/breakfast room, study, cocktail bar and guest bedroom suite.

On the upper level of the penthouse is the master bedroom suite, which spans the entire depth of the building, and four further bedrooms.

Other agents also said they had seen a surge of renewed interest from buyers that had brought life back to a market after three years of flatlining.

Cory Askew, area director, central London sales at Chestertons, said: “With the stability that a decisive result brings, we anticipate a pre-Christmas urgency, the likes of which we will never have seen before at this time of year.”

One buyer who had been arguing on a number of legal points in the contract on a £1.05 million apartment on Redcliffe Gardens in South Kensington, decided to exchange on Friday “panicking that she would lose her deal”, according to agents.

Matt Robinson, the chief executive of online estate agent Nested, said: “Since the election result the number of people looking at the homes we’re selling has increased 30 per cent. We predict 2020 will be the first year to see sales volume in London increase since 2013.”

Developers also said they will now be pushing ahead with previously stalled schemes.

Property entrepreneur Nowsad Gani, founder of investment company Ganco Assets, said: “We have consent on two small sites in Croydon for 42 units with a total gross development value of around £15.5 million.

“We mothballed these sites due to the uncertainty prevailing and the lack of confidence in the market from potential purchasers. But on Friday morning we made the decision to go ahead with the projects and anticipate construction enabling works to commence end January.”

Michael Ferris, head of investment at JR Capital, which buys UK property on behalf of private families and institutions, said: “We have £75 million of capital in a fund we raised over the summer for multi-let industrial property and have been sitting on it pending clarity on the political situation. We can now get on and deploy it in the market in 2020.”

Liam Bailey, global head of research at agents Knight Frank, said: “My view is that the election is a game changer for the prime residential market in London and the wider UK.”