Billionaire Buyers Drive London’s Ultra-Prime Property Market

Since 2021, Beauchamp Estates has tracked billionaire buyer activity across Prime Central London, analysing all residential property purchases above £15 million.

This report examines the data behind those transactions, buyer nationalities, key locations and the outlook for 2023.

Currency-driven demand and buyer nationalities

Ultra-prime purchases in 2022 were largely driven by US Dollar-based buyers, who benefited from the strength of the Dollar against Pound Sterling. Currency movements effectively enhanced purchasing power, creating a substantial pricing advantage for overseas buyers.

Beauchamp Estates data shows that American buyers acquired approximately £620 million worth of ultra-prime London residential property during 2022. Other active buyer groups included Swiss, French, Indian and Middle Eastern purchasers, reinforcing the market’s broad international appeal.

£1.23 billion in ultra-prime sales across Prime Central London

In total, £1.23 billion worth of luxury residential property was sold in Prime Central London during 2022, across 52 individual transactions exceeding £15 million.

The most active postcode was SW1, encompassing Belgravia and Knightsbridge, where 17 ultra-prime sales were recorded. This was followed closely by W1 (Mayfair), which accounted for 15 transactions above £15 million.

Other notable locations attracting ultra-prime buyers included St John’s Wood, particularly Hamilton Terrace and Avenue Road, alongside Kensington, Chelsea, Hampstead, Notting Hill and Regent’s Park.

Beauchamp Estates completed several significant transactions above £15 million during 2022, including:

• A £45 million house in a prime Notting Hill square
• A £19.75 million, 6,504 sq ft residence in Cadogan Gardens
• A major Mayfair apartment marketed at £37.5 million

These transactions reflect continued demand for best-in-class properties in established prime locations.

Why billionaire buyers returned to London property

Global economic uncertainty, combined with weaker performance across alternative asset classes, has driven ultra-high-net-worth individuals back towards London residential real estate as a long-established store of value.

Despite a global slowdown in billionaire wealth growth, London has continued to attract capital. The UK has seen an increase in billionaire numbers since 2021, now standing at 177 individuals. The most significant growth, however, has occurred in the United States, where there are now 735 billionaires with combined wealth of approximately £3.83 trillion.

This expansion of US-based wealth, coupled with favourable exchange rates, has underpinned the surge in American buyers purchasing London’s ultra-prime homes during 2022.

Market outlook for 2023

Beauchamp Estates forecasts that values for properties priced above £15 million are likely to remain broadly flat or increase by a modest 1–2% during 2023. This reflects a combination of global economic uncertainty and higher interest rates.

Transaction volumes, however, are expected to rise. The number of ultra-prime deals is forecast to increase by approximately 30% in 2023, driven by ongoing wealth creation in three key regions: the United States, Europe and the Middle East.

“During 2022 the volume of £15 million-plus deals in London’s ultra-prime housing market has risen by 30% compared to 2021, the landscape dominated by American buyers undertaking cash purchases and capitalising on the strength of the US Dollar against the Pound Sterling which has given them an enormous price discount and paid for Stamp Duty and moving in fees.

“During 2022 there has effectively been one billionaire buyer property deal per week in Central London with war, pandemic and the sluggish performance of alternative investment markets driving multi-millionaires and billionaires to return to investing in London residential real estate which is a proven haven and stable asset class.” -  Gary Hersham, founding director of Beauchamp Estates

“The fall in the Pound Sterling US Dollar rates triggered a wave of Dollar based buyers purchasing luxury properties in London. This Dollar buyer wave has dominated Q4 2022 and in the last few weeks Beauchamp Estates has completed some £130 million worth of deals for London homes priced above £15 million, driven by Dollar purchasers who view London real estate as a huge buying opportunity.”  Yahya Swallem, Senior Sales Consultant at Beauchamp Estates.

This data has looked at the sales of luxury residential properties valued at over £ 15 million between December 2021 and December 2022 compared to 2021 and 2020. Deals were analysed from LONRES, combined with wealth data from Credit Suisse and Forbes, the agency’s own in-house deals data and local market intelligence.