London’s ultra-prime housing market is showing signs of resilience despite a slump in the total value of super-prime homes in the capital being sold.
Total sales fell by 13 per cent in the first half of 2025, compared to the same period last year, the Billionaire Buyers in London survey by Beauchamp Estates found.
The drop in sales of luxury residential properties valued over £15 million was driven by non-doms selling up and moving to friendlier tax climates overseas, the report highlighted.
[See also: The Roaring Twenties: Why London is in a ‘golden decade’ for super-prime property]
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Wealthy international residents have left the UK for popular destinations such as Dubai, Milan, Monaco, Miami, and the South of France, the report said, an exodus that has contributed to a drop of more than £100 million in sales compared with the same period in 2024.
Beauchamp Estates revealed that around 70 per cent of those selling London properties priced over £15 million in 2025 were non-doms individuals choosing to relocate abroad, but found that they were not decamping entirely and were instead opting to keep a smaller residence in London to maintain a pied-à-terre for occasional visits.
Despite the downturn, Beauchamp Estates’ mid-year survey suggests the market is now beginning to ‘turn a corner’.
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The Mayfair-based agents found that while central London’s super-prime property market dropped from £795 million of deals agreed in the first half of 2024 to £694 million in 2025, the broader market trend appears to be levelling out, as the year-on-year drop between 2023 and 2024 was larger, at 23 per cent.
And while the volume of transactions has fallen, the quality of homes being sold at the top end of the market has increased.
The survey noted that while the actual number of sales deals dropped from 46 in 2024 to 27 in 2025, super-wealthy buyers spent an average of £26 million when buying a home in London, compared to £16.5 million the previous year.
According to the agency, the luxury property market has picked up since Q2 2025, driven by a growing number of high-value deals.
The report, which analysed deals data from LONRES and Beauchamp’s as well as local market intelligence, looked at the sales of luxury residential properties valued over £15 million between January and June 2025. The real estate agency then compared its findings with those from the same period in 2023 and 2024of the same period in 2024 and 2023.
Gary Hersham, the founding director of Beauchamp Estates said: ‘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,’ he added.
Despite changes to inheritance tax and a looming wealth tax, international interest in London’s ultra-prime property market remains strong.
[See also: Why so many wealthy Americans are moving to the UK]
Buyers from the US and the Middle East have driven half of all transactions above £15 million this year, marking an increase from 45 per cent in 2024.
Domestic buyers, mainly from the Home Counties, have also shown rising interest, now making up 15 per cent of sales, attracted by prices that are below 2014 values, Beauchamp noted.
‘London remains an essential location for multi-millionaires and billionaires to buy and have a home as part of their global property portfolio,’ Hersham said.
