London’s ultra-prime residential market has started to level out with a steady rise in sales for homes above £15 million during the first half of 2025, with American, Middle East and domestic buyers replacing departing non-doms.

So say Beauchamp Estates founder Gary Hersham (pictured, whose top-end estate agency’s mid-year billionaire buyers survey reveals that American and Middle East buyers now account for 50% of all super-prime sales, up from 45% in 2024, while approximately 70% of non-dom vendors selling £15 million-plus London homes relocate overseas, predominantly to Dubai.

The survey also shows there were £694 million of deals agreed for ultra-prime homes in Prime Central London priced above £15 million between January and June 2025 – a 13% drop on the £795 million during the same period in 2024.

Turning a corner

However, the decline is far less dramatic than 2024, when deals fell by 23%, indicating the market may have stabilised and is beginning to turn a corner.

And, despite fewer transactions – 27 deals compared to 46 in the first half of 2024 – buyers are spending significantly more on individual properties. Super-wealthy purchasers spent an average of £26 million buying a London home in 2025, compared to £16.5 million during the same period last year.

Hersham says: “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.”

Departing non-doms

Departing non-doms are tending to retain a pied-à-terre in London, with the most popular overseas destinations being Dubai, Milan, Monaco, Miami and the South of France.

According to Beauchamp, American buyers are relocating due to spiralling living costs and rising crime in the United States, alongside either dislike of President Trump or rising personal wealth from his tax-cutting policies. Middle East buyers are dominated by purchasers from the United Arab Emirates, alongside clients from Qatar and Saudi Arabia, typically looking to spend £25 million to £50 million on a London family house.

Discerning domestic, Gulf and US buyers have seen a once-in-a-generation opportunity to acquire a large family home.”

And the number of domestic UK buyers has risen to 15% from 10% in 2024, with families previously residing in Outer London or the Home Counties choosing to relocate into Central London because prices are now below 2014 values.

Jeremy Gee, Managing Director of Beauchamp Estates, concludes: “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.

“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.”