Forty-one luxury properties priced above £15 million ($20 million) sold in London this year, in a merry-go-round of sales between the UK and the Middle East, according to a new wealth survey.
It found London’s super-prime market was driven by openings created by wealthy people leaving for lower-tax destinations such as the UAE, Italy and Monaco. The scrapping of the non-dom status in April fuelled a flurry of departures, which had already taken root when Labour came to power last year.
Who bought?
Those homeowners were replaced by an influx of 20 to 40-year-old Middle Eastern, Chinese and American buyers purchasing lavish “holiday mansions” at relatively knock-down prices, now standing below their 2014 values.
The Beauchamp Estates annual billionaire buyers’ survey found sellers were forced to accept less than they asked for. The percentage difference between the average asking price and the average achieved price was -7.6 per cent, compared to -7.12 per cent last year and -5.6 per cent in 2023.
Buyers from the Middle East accounted for 25 per cent of all super-prime sales, up from 20 per cent last year, driven by buyers originally from India, Pakistan, Yemen and Lebanon who are now resident in the UAE or Saudi Arabia and were buying second homes in London.
Seventy-five per cent of the super-prime deals were cash purchases, the same as last year.
Jeremy Gee, Managing Director of Beauchamp Estates, said: “In 2025 the London super-prime property market has been driven by an outflow of non-dom vendors leaving for Dubai and Abu Dhabi, replaced by an incoming wave of ‘bargain hunting’ Middle Eastern, Turkish, Chinese, American and domestic UK buyers purchasing large trophy houses and family apartments. London real estate is now viewed by global wealth as providing extremely good value for money.”
He said overseas buyers were increasingly buying properties as secondary homes or homes for investment. “This evolution risks increasing the proportion of properties in areas such as Belgravia, Knightsbridge and Mayfair that are not occupied full time,” he cautioned. “To help sustain London's position as a globally competitive and economically important capital city, it is essential to maintain a balanced mix between UK nationals and high net-worth individuals who base themselves here, invest locally, and contribute to the wider economy.”
The survey analysed sales of residential properties valued over £15 million between January and December this year, based on in-house deals, market intelligence and figures from external market data.
It found two-thirds of the sellers had been non-doms. Their wealthy status means that the houses changing hands were significantly larger than those sold last year.
However, as part of their exit strategy from the UK some bought smaller pied-a-terres, typically worth £7 million to £10 million, to maintain a presence in the UK capital.
About 250,000 people relocated abroad in the 12 months to June this year amid predictions that 16,000 millionaires would depart across the calendar year. Wealth advisers have told The National that relocating has become a regular conversation with clients.
The remaining sellers were older UK nationals downsizing after being hit by higher taxes and running costs who sold their main home and relocated to smaller properties in the same area or moved to the Home Counties. In the month running up to the November budget there was a 342 per cent increase in online searches for “moving to Dubai” as speculation mounted about tax rises according to analysis by construction and project management platform Morta.
Beauchamp Estates founder Gary Hersham said: “Approximately 65 per cent of Beauchamp Estates new instructions were from non-dom owners seeking to exit the market. Nevertheless, a diverse pool of domestic and international buyers proceeded with transactions, demonstrating continued confidence in the capital's long-term appeal.”
He said ultra high-net worth individuals continue to view London with “some caution”, primarily due to tax and regulatory changes under the current government that have made property ownership and residency “less attractive”.
He added: “Transaction volumes in prime and super-prime central London declined relative to 2024, accompanied by modest price adjustments. These conditions enabled buyers to acquire larger properties, increasing the total amount of space actually transacted. Demand concentrated on turn-key properties, with particular interest in fully finished homes. Appetite for private redevelopment projects was greatly diminished.”
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The Holme in Regent's Park, which sold for £139 million. All photos: Beauchamp Estates -
This property on Park Street in London sold for £22 million -
A living area in the Park Street property -
The bedroom -
A property in Cheyne Gardens sold for £15 million -
A living area in Cheyne Gardens -
A bedroom -
This property on Chester Street in Belgravia sold for £15 million -
The living space of the Chester Street property
What sold?
Among the sales were 13 new-build apartments compared with 10 last year, averaging 6,063 square feet in space and costing an average of £3,765 per sq. Last year, the apartments sold were significantly smaller at 4,260 square feet.
Fewer houses sold this ear, 28 compared with 30 last year, but those that did were also larger, at 9,741 square feet when the equivalent figure last year was 8,382 square feet.
Mr Hersham said: “Among turn-key sales, houses providing privacy, larger plots, and dedicated health and well-being facilities proved highly sought after. Similarly, apartments and penthouses in developments offering lifestyle services – such as gyms, pools, fitness studios, 24-hour concierge, and security – commanded strong interest. Residences within premium or luxury and branded hotel serviced buildings emerged as a particularly strong sector.”
The proportion of super-prime sales to buyers from the UK rose to 12 per cent, up from 10 per cent last year. Buyers from China and Hong Kong also grew from 12 per cent to 13 per cent, while buyers from India/South Asia remained the same at 20 per cent.
The expected ‘Trump effect’ of Americans relocating to the UK did not materialise.
American buyers dropped five percentage points to account for 20 per cent of all super-prime sales. Buyers from Eastern Europe declined from 8 per cent to 5 per cent, with Western European buyers also dropping slightly to 5 per cent, from 6 per cent last year.
Location, location
Belgravia was the most sought-after neighbourhood, accounting for eight of the 41 deals, up from just three the year before. A £15 million house on Chester Street sold to a buyer from Western Europe who was relocating to Central London from the Home Counties.
Beauchamp Estates also found it was the top address for Middle East buyers.
Last year, the Belgravia market saw a large supply of second-hand houses and apartments requiring refurbishment, causing sellers to react and either refresh their homes or adjusted their asking prices.
It is set to remain a hotspot area. The Omani Royal family is to open London’s most lavish new private member’s club, The Pembroke, at 6-7 Grosvenor Place in Belgravia, and super-prime developer Fenton Whelan is refurbishing the former Sassoon family mega-mansion at 17 Belgrave Square, which will become a £110 million private palace for open market sale, designed to appeal to buyers from the Gulf.
Nearby Chelsea saw five deals including a £15 million house on Cheyne Gardens to a UK buyer upsizing from the local area.
Knightsbridge saw four £15 million plus deals, while another address proving popular with Middle Eastern buyers, especially from the UAE and Turkey, has been Kensington, with three £15 million plus deals, including the purchase of a luxury residence by an Emirati billionaire businessman, and a £28 million townhouse on Tregunter Road, sold by Beauchamp Estates to a buyer from the Middle East. There were also three sales in Notting Hill.
Beauchamp said that Mayfair, the “address of choice” in London for the world’s super-rich, had a frustrating year due to a significant lack of available turn-key stock for sale.
It had five £15 million plus deals compared to nine last year, falling because of lack of stock rather than a lack of buyer appetite. In July the £22 million former Icelandic Embassy on Park Street sold to an Indian buyer within just weeks of being listed for sale.
There have been three landmark deals in the Whitehall-Millbank political district, where several former government buildings have been converted into super-luxury apartment buildings.
North-West London saw eight deals, with arguably the most high-profile purchase being American billionaire and Star Wars creator George Lucas’s acquisition of a £40 million villa in St John’s Wood. The North-West London deals include three in Primrose Hill, three in St John’s Wood, and one in Little Venice.
There were two deals in Regent’s Park, including a 40-bedroom mansion formerly owned by the Saudi royal family which sold for about £139 million in one of London’s biggest ever property sales.
The Holme, which is near the park's boating lake, London zoo and US ambassador's residence, had been on the market for nearly two years with an asking price as high as £250 million.
There was one deal in Hampstead, traditionally popular with wealthy families from Russia and Eastern Europe but which have been curtailed by the Russia-Ukraine war.
Indian multimillionaire property developer Amarveer Singh Pannu has just purchased for £16.4 million Hampstead’s Branch Hill House mega-mansion, set in 1.7 acres of gardens, which he plans to convert into No 1 Hampstead, a gated One Hyde Park style scheme providing 50 super-prime apartments.
The profile of the luxury housing stock in Hampstead has also altered, with large vacant family homes replaced by luxury apartments, such as those for sale at The Bishops Avenue Gardens on what is known as Billionaires’ Row.
Trevor Abrahmsohn, managing director of estate agents Glentree International, said: “The prime and super-prime markets along the north-west London corridor remain impressively resilient. Indeed, the real challenge for serious buyers is not confidence, but supply – particularly when it comes to good-quality stock presented in excellent condition.
“The luxurious Bishops Avenue Gardens development is a classic case in point. It continues to attract discerning purchasers who prioritise lifestyle, security, and an attractive setting – preferably all at once.”
Super prime in 2026
Beauchamp Estates forecasts that super prime properties are likely to fall by between 2-3 per cent next year, not returning to positive growth until 2027 at the earliest.
However, they calculate that the super-prime market will remain extremely active, as domestic and international buyers now view London real estate as providing extremely good value and stability.
Mr Hersham said: “During 2026 demand for turn-key residences is expected to continue, as buyers increasingly prioritise convenience. High net-worth individuals will seek properties that allow easy occupation – bringing personal collections of art, antiques, or other prized possessions – while benefiting from professional management during absences.
“London super-prime properties offering exceptional amenities and services will appeal to globally mobile buyers who require low maintenance homes. Enhanced remote management and security systems, supported by on demand staffing, will become increasingly valued.”
He predicted the buyer profile would continue to be a younger demographic, fuelled by generational wealth and entrepreneurial success in technology, IT and entertainment.
