London’s ultra-prime residential market is levelling out after wobbles with some Non Doms leaving the UK.
However it still lags well behind the market of recent years.
That’s the view of high end agency Beauchamp Estates, which claims sales of homes valued £15m or more, have been made to millionaires and billionaires from America, the Middle East and the UK.
Between January and June this year there have been £694m of deals agreed for the sale of £15m-plus homes in Prime Central London. This is a 13% drop on the £795m of deals agreed during the same period in 2024.
The agency calculates that 70% of the vendors of £15m-plus London homes selling up during 2025 have been Non Doms 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 apparently retained property in London, typically a pied-à-terre to allow for visits to the UK.
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.
Beauchamp Estates says that during 2025 the most popular locations for buying £15m-plus homes have been Chelsea (6 deals), Mayfair (5), Kensington (4) and Notting Hill (2).
Other addresses for £15 million plus sales include Belgravia (2 deals), St John’s Wood (2) and Hampstead (1).
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