London’s ultra-prime residential property market is showing signs of stabilisation with billionaire and multi-millionaire buyers returning to the capital in increasing numbers during the first half of 2025, according to Beauchamp Estates’ mid-year Billionaire Buyers in London survey.
Despite a 13% year-on-year drop in the total value of homes sold for over £15 million – £694 million in H1 2025 compared to £795 million in the same period last year – the agency says the market has “turned a corner”, buoyed by a growing number of high-value deals from Q2 onwards.
The number of £15 million-plus transactions fell from 46 in the first half of 2024 to 27 this year.
However, the average deal value rose sharply from £16.5 million to £26 million, reflecting stronger demand for larger, best-in-class properties.
HOUSE SWAPPING
Gary Hersham, Founding Director of Beauchamp Estates, says: “The London market has turned a corner and we have seen a steady rise in £15 million plus deals during the first half of 2025, with effectively four to five trophy deals per month which is extremely positive.
“The deals driving the London market are either needs-based, buying best-in-class turn-key product or value-driven transactions.
“A fascinating ‘house swapping’ process has unfolded in the UK capital with a wave of Non-Doms relocating to Dubai and Abu Dhabi and a return wave of Emirati buyers purchasing large residences in London.
“London remains an essential location for multi-millionaires and billionaires to buy and have a home as part of their global property portfolio.”
NON-DOMS RELOCATING
While the number of transactions has dropped, the size and quality of homes has increased. Houses sold averaged 9,230 sq ft, up from 6,536 sq ft last year. Apartments are also significantly larger at 5,397 sq ft, compared to 4,012 sq ft in 2024.
Picture credit: Beauchamp Estates
Many of these properties were previously the vendor’s main residence, with 70% of sellers being Non-Doms relocating overseas – mainly to Dubai, Milan, Monaco, Miami and the South of France – though many retained a London pied-à-terre.
International demand remains strong, with US and Middle Eastern buyers accounting for 50% of sales above £15 million, up from 45% last year. Domestic UK buyers, often moving from the Home Counties, made up 15% of purchases – up from 10% – attracted by values still below 2014 levels.
RISING CRIME
Beauchamp Estates says American buyers are often motivated by a combination of rising crime and living costs in the US, as well as personal wealth gains under Trump-era tax cuts. In contrast, Middle Eastern buyers, largely from the UAE, Qatar and Saudi Arabia, are targeting London homes priced between £25 million and £50 million, with some transactions reaching £150 million.
Jeremy Gee, Managing Director of Beauchamp Estates, adds: “The current marketplace has become the ‘new normal’ with the present tax regime and economic conditions unlikely to change in the short to medium term.
“We have seen a marked upturn in sentiment since viewed in a global and historical context London property is looking like a good buy.
“With the market levelled out both vendors and buyers have become more flexible on pricing and sales negotiations and as a result we have seen a steady rise in transactions. For vendors wanting to sell the keys to success are competitive pricing, a refurbished/new product and outstanding dressing/presentation.
“With London prices now below their 2014 values and a significant supply of trophy homes available for sale discerning domestic, Gulf and US buyers have seen a ‘once in a generation’ opportunity to acquire a large family home in the UK capital.”
TOP-PERFORMING
Top-performing neighbourhoods for £15 million-plus transactions in 2025 include Chelsea (6 sales), Mayfair (5), Kensington (4) and Notting Hill (2), with notable activity also seen in Belgravia, St John’s Wood and Hampstead.
Deals have been completed on prestigious addresses such as Chester Square, Wilton Crescent and Park Street, as well as luxury conversions in Whitehall and Millbank.
Picture credit: Beauchamp Estates
Beauchamp Estates has brokered over £300 million in ultra-prime sales so far this year, including a £22 million deal for the former Icelandic Embassy and high-profile family houses in Chelsea and Belgravia.
With a 60% share of all H1 2025 deals completed between April and June, and a market favouring move-in-ready homes over off-plan opportunities, the agency believes London’s ultra-prime sector has regained its footing and may now be poised for a sustained rebound.
