London super-prime property sales are at their lowest number since before the pandemic, data from Savills has revealed.
The number of property transactions worth £10 million and above in the first quarter of 2026 fell by 54 per cent compared with the same period of 2025. Conflict in the Middle East has ignited a sense of caution in London’s wealthy prospective buyers, Savills’ report said, in a ‘part of the market which is typically more sensitive to economic and geopolitical uncertainty’.
There were 15 super-prime transactions in Q3 2019; the 16 sales over £10 million in Q1 2026 is the lowest figure since then. There were 19 super-prime London sales in Q2 2020, which was the first financial quarter to take place entirely through a lockdown.
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The overall value of super-prime properties sold in London also dropped in the same timeframe: £650 million of property worth £10 million and above was sold in Q1 2025, compared with £290 million in Q1 2026.
‘Renewed caution has swept back into the super-prime London market following the start of the conflict in Iran,’ said Frances McDonald, a director of residential research at Savills. ‘This segment of the market is most sensitive to periods of economic and geopolitical uncertainty, and, as a result, transactional activity fell more steeply across the remainder of the quarter.’
The number of prime transactions valued between £5 million and £10 million has also fallen in the first quarter: 52 sales compared with 69 across January to March 2025. In financial terms, £350 million of prime property was sold in London in Q1 2026, which was £120 million less than in Q1 2025.
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The report notes that while geopolitical tension could be a reason for some HNWs to move to London in search of financial and physical security, the underlying tax environment has dissuaded many wealthy individuals from buying property. On the other hand, super-prime lettings have benefited from this unwillingness to buy, especially for those moving to the UK short term.
Interest in luxury rentals has increased, said super-prime London letting specialist Olivia McSweeney of Sotheby’s International Realty; however, the market is facing challenges of its own.
‘The demand is definitely there, but the supply is the challenge for us this year for super-prime lettings,’ she said.
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While noting that this slump in sales is bad for sellers, property broker Charlie Gibson of OB Private notes that the market is good for buyers right now.
‘Prime property has been selling for discount on previous prices,’ said Gibson. ‘Properties are still trading, albeit it is taking a longer time for sales to take place.’
