Eric Schmidt, the former CEO of Google, has acquired a mansion in Holland Park for almost £42 million, marking yet another significant transaction in London’s high-end real estate sector.
Having led Google from 2001 to 2011, Schmidt purchased the double-fronted stucco mansion in west London last May, as reported by the Financial Times. This Grade II-listed residence includes additional mews houses at the rear and was previously purchased in 2022 for £36.2 million, according to Land Registry records. This latest sale adds to a series of notable deals in the capital’s upscale property market, following the recent £139 million sale of a grand 40-bedroom mansion in Regent’s Park.
According to the FT, the former Google chief intends to lease the property. He is among numerous affluent Americans investing in luxury homes in London. Research by the real estate agency Knight Frank indicates that last year, Americans surpassed Chinese buyers, comprising 9.3% of overseas purchasers compared to 5.6% in 2019.
In addition, the number of Americans applying for UK citizenship reached an all-time high last year, spurred by Donald Trump’s presidential campaign and changes to the UK’s non-dom tax framework. Over 6,100 U.S. citizens filed for UK citizenship, a 26% increase from 2023, representing the highest figure since data collection commenced in 2004.
While there have been a few substantial transactions at the upper echelons of London’s property market recently, overall activity has been declining. Last year, only 443 homes sold for over £5 million in London, a 16% decrease from the 525 sales noted in 2023, as per Savills research. However, this figure is still considerably higher than the pre-pandemic total of 308 in 2019.
Price growth in London has remained relatively modest. According to Nationwide Building Society, the capital logged the lowest annual price increase across the UK in February, at just 1.9%, compared to a national average of 3.9%. Northern Ireland experienced a notable 13.5% growth, the region’s highest since 2021, while Scotland saw a 3.9% increase and Wales a 3.6% rise. Nevertheless, London continues to be the priciest market for homebuyers, with an average property price of £529,369, according to Nationwide.
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A representative for Schmidt was contacted for remarks, and a spokesperson commented to the FT: “Eric invests in premium real estate worldwide.”
