London’s super-prime property market saw a significant decline in 2024, with billionaire buyers retreating amid political and economic uncertainty.
A new wealth survey by Beauchamp Estates reported a 25% drop in unit sales and a 34% decline in the total value of properties sold in the £15 million-plus bracket (AUD $29 million). The market contracted by £445 million (AUD $863 million) compared to 2023, hitting its lowest point in five years.
This slowdown was driven by a combination of factors, including Stamp Duty increases, changes to the Non-Dom tax regime, and uncertainty around the UK General Election and the new Labour government.
“Stamp Duty, Non-Dom changes, the Election and new Labour government have disrupted the sales market,” said Jeremy Gee, Managing Director of Beauchamp Estates.
In total, 40 properties priced over £15 million (AUD $29 million) were sold in 2024, generating £856.5 million (AUD $1.66 billion) in sales. This compares to 54 sales in 2023, worth £1.3 billion (AUD $2.52 billion).
Buyers gravitated toward “turn-key” homes, particularly new-build apartments and fully refurbished houses, while demand for second-hand homes needing work fell sharply.
The market was largely driven by younger international buyers aged from their late 20s to mid-40s, who viewed London real estate as a long-term investment.
Mayfair led the market with nine transactions, including a £60 million (AUD 116 million) off-market sale and multiple deals above £20 million (AUD $39 million). Beauchamp Estates described Mayfair as the “address of choice” for the super-rich, drawn by its luxury boutiques, restaurants, and high-end apartments.
American buyers accounted for 25% of all super-prime sales, up from 18% in 2023, benefiting from a favourable exchange rate that effectively gave them an 18% discount compared to 2016.
“A key reason for this year’s significant upturn in American and Middle East buyers in London is the exchange rate advantage,” explained Paul Finch, Director and Head of New Homes at Beauchamp Estates. Middle Eastern buyers made up 20% of sales, while demand from UK, Eastern European, and Indian buyers fell.
Beauchamp Estates forecasts a mixed year for 2025. Prices for newly built and refurbished properties in Mayfair could increase by 1–2%, while second-hand homes in areas like Knightsbridge and Belgravia may see declines of 2–4%. American and Middle Eastern buyers are expected to remain dominant, particularly those from Saudi Arabia, the UAE, and Qatar.
“Over the next four years, the wave of American buyers into London looks set to increase further,” said Jeremy Gee. He noted that the last time Donald Trump was in power, there was a 20% uptick in wealthy Democrats purchasing London properties, and a similar trend is emerging.
