A new survey from Beauchamp Estates has revealed that price, presentation, and protracted sales are the three dominant factors shaping the prime central London (PCL) residential market in the first quarter of 2025.
The agency, which transacted on over £300m of sales across PCL at an average property value of £16.95m in Q1, found that international buyers, particularly from America, the Middle East, and continental Europe, continue to drive the ultra-prime sector.
According to Beauchamp Estates, only two of its quarterly sales were to domestic UK buyers, with the remainder going to international purchasers. The agency also highlighted a generational shift, with most PCL buyers now in their 30s to mid-40s—significantly younger than a decade ago when buyers were typically aged 45 to 60.
Paul Finch, director and head of new homes at Beauchamp Estates, said: “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.”
The agency noted that American, Middle Eastern, and Asian buyers continue to favour newly built or refurbished homes. Beauchamp Estates recently sold a £14.95m five-bedroom townhouse on Chester Street in Belgravia, which had previously been on the market unsold during 2024 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 resulted in a swift sale to a European family relocating to London for work.
Similarly, a penthouse on Eaton Place in Belgravia, formerly owned by Fleetwood Mac’s Christine McVie, has been listed at £6.95m following an interior design refresh. 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.”
Sales in the PCL market remain strong, with apartments between £2m and £10m seeing the highest transaction volumes. Houses in the £6m to £12m range, and large townhouses around £20m, continue to attract buyers, while several transactions above £25m have been completed. Beauchamp Estates recently sold a £39.5m house near Hyde Park and a £10.95m property in Knightsbridge, both to Middle Eastern buyers, as well as the former Italian Embassy in Lygon Place, Belgravia, for £21.5m to a billionaire from Far East Asia.
Jeremy Gee, managing director of Beauchamp Estates, said: “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.”
