From my analysis of London super prime ( I use two groupings £5-10m, £10m+ ), it appears that there is such a disconnect between this group and the "normal" Lon

From my analysis of London super prime ( I use two groupings £5-10m, £10m+ ), it appears that there is such a disconnect between this group and the "normal" London housing market, that they may as well be different countries. In some sections of the housing market, lets say £1m, a devaluation appears to have a significant effect on properties beneath that valuation. The correlation is extremely high. In this bracket of buyers you have (well off) working professionals, lawyers, finance etc. Rich by almost everyones standards. Lots of them around means lots of competition for a certain stock of housing. What you also have is high thousands of extremely rich people from around the world (particularly Russia, Saudi and other ME). London is a refuge for super high net worth individuals for a variety of reasons, culture, relative freedom, history, availability of beautiful mansions. The most important reasons probably being national stability (financial and security) as well as a comprehensive and enforced legal system. Not to mention, a subset of these buyers are parking money stolen from the people of their country. Try physically confiscating a 250 year old Mayfair townhouse! UK legal protections means a seizure of the property is unlikely/very difficult. The property desired by this group as so disconnected from usual London housing that it is unlikely to have knock on effects if prices decline. This type of person is not going to downsize to 'normal' housing. This is just something to bear in mind when reading reports on London property prices declining. The last year saw a single digit percentage drop in asking prices, except the majority of this was in the £10m+ plus range.