Unusually for this time of year, we are seeing very few traditional ‘trade-up’ buyers in prime central London – people selling one home to buy a larger one nearby or move to a different neighbourhood. They can’t justify the significant transaction costs in return for an often-marginal lifestyle difference.
For anyone who has already paid stamp duty once in the past decade, there is understandably a reluctance to do so again.
The financial hurdle to move for a relatively modest improvement – an additional bedroom, being slightly closer to transport or a larger garden – involves not only a jump in price bracket, but also significant stamp duty. Unless the change is truly material, most people are deciding to stay put.
Instead, buyer demand is being driven by three profiles: tenants moving out of rented accommodation, buyers relocating to or repatriating back to London, and clients seeking pied-à-terres.”
INCREASED WILLINGNESS TO REFURBISH
After several years in which almost every client strongly prioritised turnkey properties, we are seeing early signs of a shift in behaviour in the core market.
Where pricing is realistic and there is genuine value to be unlocked, we’re seeing more buyers open to taking on refurbishment work for the right property. One client recently appointed us having previously bid and lost out on four properties priced around £2m, each of which required extensive modernisation and had all gone to competitive bids.
Understanding pricing – and being realistic on construction costs, timescales, professional fees and VAT – is critical, as is being the preferred buyer and being able to demonstrate your commitment and ability to move quickly.
Properties that don’t require work remain highly sought after for their immediacy. We find that clients buying from £15m upwards will typically choose a turnkey property but end up personalising the space before they move in regardless, even in the knowledge that they may not make their money back in the current market.”
DEMAND FOR LONG-TERM RENTALS
As we anticipated, the introduction of the four-year FIG regime has prompted a shift towards long-term rentals for many internationals in the prime and super prime markets.
The volume of £5,000+ per week tenancies in prime central London rose 17% year-on-year in early 2026 as HNWIs prioritise flexibility over ownership.
At the same time, we’re seeing more super prime landlords who are financially able to hold on to high value homes and rent them out, rather than crystallise a loss in the current sales market.
For many new arrivals, a four-year tax window is simply too short to justify the cost of buying a London home, especially versus the lifestyle flexibility of renting.
Our property search team have been involved in a number of high value rental searches where the clients’ high expectations and requirements mirror that of a purchase. Whilst renting is a shorter-term option, their demands are as exacting as they would be for a long-term purchase.
HOME MANAGEMENT SERVICES
As international capital continues to flow into London property, so do the service standards that accompany it.
Demand for our home management services has doubled over the past two years, driven largely by Americans and other internationals who continue to account for around one third of our buying clients.
For most UHNW families in the US and other locations, it is standard practice to retain a dedicated Home Manager to ensure their homes are meticulously maintained and ready for use. That expectation of seamless, professionally managed living is something they are increasingly seeking to replicate in London.
This includes appointing and managing household staff, setting up utilities and service contracts, coordinating a proactive home maintenance programme and managing float accounts to settle all bills on their behalf.
We expect demand for professional home management to continue to grow, becoming an increasingly integral part of the home ownership experience in prime London.”
