London’s ultra-prime residential property market is showing signs of stabilisation after a turbulent period marked by the departure of many Non Doms, according to new data from high-end estate agency Beauchamp Estates.
Between January and June 2025, a total of £694 million worth of £15 million-plus homes were sold in Prime Central London—a 13% drop compared with the £795 million recorded in the same period in 2024. Despite the year-on-year decline, agents say activity is recovering, driven by strong demand from international high-net-worth individuals, particularly from the US and Middle East.
Beauchamp calculates that 70% of sellers of ultra-prime homes this year have been Non Doms relocating overseas, many to Dubai, with others heading to Milan, Monaco, Miami and the South of France. However, the agency notes that most departing Non Doms have retained a London pied-à-terre, maintaining a foothold in the capital for future visits.
While sellers have exited, buyers from abroad are filling the void. Beauchamp says American and Middle Eastern buyers now account for 50% of all super-prime sales, up from 45% in 2024. American interest in particular has been fuelled by rising crime and cost of living in major US cities, as well as both a dislike of President Trump and the benefits of his tax-cutting policies, which have boosted personal wealth at the top end.
Middle Eastern buyers are led by clients from the United Arab Emirates, Qatar and Saudi Arabia, typically targeting family homes priced between £25 million and £50 million, with some willing to spend up to £150 million for the right property.
Domestic interest is also growing, with UK-based buyers making up 15% of transactions, up from 10% last year. Many are families from Outer London and the Home Counties who are relocating to Central London, enticed by falling prices, improved value, and a desire to be closer to top-tier amenities and schools.
The most popular districts for £15 million-plus deals so far this year have been Chelsea (six transactions), Mayfair (five), Kensington (four), and Notting Hill (two). Other high-value deals have been recorded in Belgravia, St John’s Wood, and Hampstead.
Although total transaction values remain below their peak, Beauchamp Estates said the market is rebalancing, with international demand offsetting domestic uncertainty and the effects of fiscal changes impacting Non Doms.
With global capital continuing to view Prime Central London as a safe haven for wealth, and a rise in domestic activity, the outlook for the second half of 2025 appears more optimistic—albeit with a new mix of buyers reshaping the city’s most exclusive neighbourhoods.
