Most purchasers in Prime Central London (PCL) are now in their 30s to mid 40s compared to typical buyer age range of 45 to 60 ten years ago, latest data from Beauchamp Estates PCL first quarter report reveals.
In the most recent full Quarterly period Beauchamp Estates has transacted on over £300 million PCL sales with home values averaging £16.95 million. The majority of the sales have been in Mayfair, Belgravia and Knightsbridge.
Three key issues – price, presentation and protraction – have dominated the PCL market with homes sold priced above £15 million being driven by international rather than domestic UK buyers.
Of the quarterly sales, only two were to domestic UK buyers with the remainder to buyers from America, Continental Europe, China and the Middle East, with Americans and Continental Europeans being the most prominent.
TRUMP REALIGNMENT
Meanwhile the Trump administration realignment of global alliances could result in the return of wealthy Russian and CIS buyers to the London market.
If the war in Ukraine ends it seems highly possible that sanctions against Russian businesses and individuals may end and Russians could again be allowed to buy homes in London and invest in the UK.
Before the Russia-Ukraine war wealthy Russian and CIS nationals were major buyers of London property owning some £1 billion of London residential property.
STEADY FLOW
Looking at how the Prime Central London residential market will perform during the remainder of 2025 Beauchamp Estates believe that the first half of 2025 will continue to be solid with a steady flow of sales.
April 2025 will be significant because of the Stamp Duty changes and abolition of the current Non-Dom Regime and and it expected that these adjustments will play into the market and will give a fair indication of the performance of the market during the second half of 2025.
Just as in 2024 the market in 2025 will continue to be driven by buyers from the United States and Middle East, although recent deals have shown a rise in the number of buyers from both Continental Europe and Asia.
STABLE LONG-TERM INVESMENT
Jeremy Gee, Managing Director of Beauchamp Estates says: “With the continuing conflicts in the Middle East and Russia-Ukraine, Prime London real estate is seen globally as a good and stable long-term investment.
“Over the last six months we have continued to see a significant inflow of international buyers into London, dominated by US dollar-based buyers from American, Middle East and Indians based in the UAE. Over recent months we have seen an upturn in buyers from Continental Europe and Asia.”
And Paul Finch, Director and Head of New Homes at Beauchamp Estates, adds: “With the new Trump administration in America we are currently seeing a huge realignment in global alliances and this could eventually result in the return of wealthy Russian and CIS buyers to the London market.
“The Trump administration wants to see peace in Ukraine and a reset in relations between Russia and the West.
“If the war in Ukraine ends it seems highly possible that sanctions against Russian businesses and individuals may end and Russians could again be allowed to buy homes in London and invest in the UK. Before the Russia-Ukraine war wealthy Russian and CIS nationals were major buyers of luxury London property, Russian millionaires and billionaires owning some £1 billion of London residential property.”
GRAND DESIGNS
Picture credit: Beauchamp Estates
Just by the northern edge of Hyde Park, Beauchamp Estates has sold a £39.5 million grand house and in Knightsbridge a £10.95 million, both purchased by families from the Middle East. The agency also sold the former Italian Embassy in Lygon Place in Belgravia for £21.5 million to a billionaire from Far East Asia.
Picture credit: Beauchamp Estates
In Central London the largest volume of sales over the last six months has been for apartments priced between £2 million to £10 million, with houses selling for £6 million to £12 and circa £20 million for large townhouses. There have also been some important sales above £25 million.
Because American, Middle Eastern and Asia buyers tend to prefer newly built or newly refurbished homes, well-presented and accurately priced homes are selling.
Picture credit: Beauchamp Estates
For example, the agency recently sold a £14.95 million 5,790 sqft five bedroom townhouse on Chester Street in Belgravia had which had previously been on the market unsold during 2024 listed with another agent.
When Beauchamp Estates took on the instruction they advised that the list price needed reviewing and provided evidence to justify the recommended price.
The owners agreed to adjust the asking price accordingly which has resulted in a swift sale to a European family relocating to London for work.
Picture credit: Beauchamp Estates
Likewise Beauchamp Estates has just been instructed on a 2,674 sqft three bedroom duplex penthouse on Eaton Place in Belgravia which has a large private roof garden. It was formerly the London home of music legend Christine McVie of Fleetwood Mac, who sadly passed away in 2022.
Newly listed for sale in March 2025 the penthouse is being sold by the Estate of the late Christine McVie and prior to Beauchamp Estates being appointed the Trustees had a “beauty parade” with several agents.
Picture credit: Beauchamp Estates
Beauchamp Estates advised the Trustees that to sell the penthouse should be priced competitively at circa £7 million and given the current buyer appetite for newly refurbished homes the agency advised that the interior design should be refreshed.
The penthouse interior design has now been refreshed, including dressing with brand new furniture, and has been listed for sale for £6.95 million.
Picture credit: Beauchamp Estates
Beauchamp Estates has recently launched four new boutique luxury apartment schemes in Mayfair – Three Kings Mayfair, providing eight one to three bedroom apartments, priced from £3.1 million; 6 Charles Street, with 12 one to three bedroom apartments and duplexes, priced from £1.4 million to £10.5 million; 36-37 Hertford Street, having 16 one and two bedroom apartments priced from £1.3 million to £5 million; and One Carrington on Carrington Street by Motcomb Estates, with 29 one, two, three and four bedroom apartments, including a four bedroom penthouse, scheduled for completion in late 2025. Prices at One Carrington range from £3 million, up to £25 million for the penthouse.
Beauchamp Estates has already had significant buyer interest in all four projects, particularly from American and Middle East buyers, and Three Kings Mayfair is already 65% forward sold off plan including the sale of the £8 million penthouse to an American buyer.
