London Ultra-Prime Home Sales Drop 25%

Sales of ultra-prime homes in London, defined as properties priced above £15 million, plummeted by 25% in 2024, with only 40 transactions recorded compared to 54 the previous year. The total value of these sales fell sharply by 34% to £856.5 million, with no properties sold for more than £100 million, breaking a four-year streak of nine-figure transactions. Factors contributing to this decline include increased Stamp Duty, the scrapping of the non-dom tax regime, and political uncertainty following the Labour government election. American buyers emerged as the largest group, making up 25% of sales, while British buyers' share dropped to 10%. Areas like Mayfair and Chelsea showed some resilience with a few high-value transactions, while traditional luxury districts like Knightsbridge and Belgravia faced significant downturns. Overall, the market is shifting towards younger international buyers favoring modern, refurbished properties over those requiring extensive work.