London’s ultra-prime residential market has started to level out with a steady rise in sales between January to June 2025, research from Beauchamp Estates revealed.
The mid-year 2025 edition of the annual ‘Billionaire Buyers in London’ survey by Beauchamp Estates looked at sales of luxury residential properties between January and June 2025, compared to the same period in 2024 and 2023, analysing deals data from LONRES and the agency’s own in-house deals data and local market intelligence.
The research revealed that between January to June 2025 there have been £694m of deals agreed for the sale of ultra-prime homes in Prime Central London priced above £15m.
This marked a 13% drop on the £795m of deals agreed during the same period in 2024.
During the first half of 2023 there were £1.03bn of deals agreed, so the market during the first half of 2024 dropped by 23%, a far more significant decline than 2025, indicating a current levelling out of the market.
Beauchamp Estates highlighted that the actual number of sales deals for London homes valued above £15m over the first six months of 2025 was 27, down on the 46 deals recorded during the first half of 2024.
However, the overall combined value of homes purchased during the first half of 2025 has only declined marginally compared to H1 2024 because super-wealthy buyers have spent an average of £26m buying a London home, compared to just £16.5m during the same period in 2024.
After a relatively quiet start to the year since March 2025 the market has turned a corner with the number of £15m plus deals rising steadily each month, with Q2 2025 (April to June) accounting for 60% of all £15m plus deals completed during the first half of the year.
During the first half of 2025, the properties valued above £15m that are being sold across Prime Central London are typically the vendor’s principal London residence.
The houses sold in 2025 are on average 9,230 sqft in size, compared to 6,536 sqft in 2024 whilst the apartments sold this year are large family flats on average 5,397 sqft in size, compared to 4,012 sqft in 2024.
Beauchamp Estates calculated that around 70% of the vendors of £15m plus London homes selling up during 2025 have been Non-Doms who are moving overseas.
The largest number have been relocating to Dubai, with others moving to Milan, Monaco, Miami and the South of France.
However most of the Non-Doms have retained property in London, typically a pied-à-terre to allow for visits to the UK.
Buyers are either purchasing newly built apartments and penthouses or newly refurbished or new build houses.
In the luxury new developments market there is very little appetite for off-plan sales, with buyers wanting either nearly finished or dressed turn-key product.
In addition, London homes valued above £15m, the largest groups of purchasers by country of origin during 2025 have been American and Middle East buyers, accounting for 50% of all super-prime sales, up from 45% in 2024.
The American buyers have been relocating to London due to spiralling living costs and rising crime in the United States, alongside either a dislike of President Trump or rising personal wealth due to Trump’s tax cutting policies.
The Middle East buyers are dominated by purchasers from the United Arab Emirates, alongside clients from Qatar and Saudi Arabia, typically looking to spend £25m to £50m on a London family house with certain buyers willing to pay up to £150m.
The number of domestic UK buyers has risen to 15%, up from 10% in 2024, the majority are families previously residing in Outer London or the Home Counties who have chosen to relocate into Central London because prices in the capital are now below 2014 values.
Buyers from Western/Eastern Europe (10%) and India/South Asia (15%) have remained stable, with a slight decline in the numbers from China and Hong Kong (10%, down from 12%).
Gary Hersham, 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.
“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.”
Jeremy Gee, managing director of Beauchamp Estates, added: “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.”
He concluded: “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.”
