London’s 2023 Billionaire Boom

London’s ultra-prime housing market for multi-millionaire and billionaire buyers rose by 10% in unit sales and 25% by value of property sold during 2023 with 54 sales for luxury properties priced over £15 million in 2023 (£1.3 billion of sales in total), compared to 49 sales in 2022 (worth £1.05 billion) – driven by American, Saudi Arabian, UAE and Chinese buyers says a new wealth survey by Beauchamp Estates.

£22.5 million Hanover Terrace, Regent's Park

The number of houses and mansions priced over £15 million sold in 2023 fell by almost 15% with 35 sold, compared to 41 sold in 2022. However, the value and size of these homes has increased, with the total value of all the houses sold being almost £925 million, compared to £876 million of sales in 2022.

£36million Eaton Square

Beauchamp Estates estimate that during 2023 60% of the deals in Prime Central London for homes valued over £15 million were to buyers from just four countries – the United States, Saudi Arabia, the United Arab Emirates and China – who purchased around £780 million worth of luxury property; with Indian, Israeli and Nigerian buyers being the other key acquirers of luxury homes in London during the last 12 months.

£110million 47 Avenue Road

It is also reported that around 70% of all £15 million plus deals during 2023 were cash purchases, up from 60% in 2022 and 45% in 2021. Beauchamp Estates say this is because high interest rates and a squeeze in bank lending has led to significant decline in so-called preferential ‘billionaire mortgages’ which in previous years billionaires used to fund residential buy-to-flip opportunities.

£22.5 million Hanover Terrace, Regent's Park

The survey reveals that between January and December 2023 there were 54 sales of PCL homes priced above £15 million – over £1.3 billion worth of property sold, compared to 49 sales worth £1.05 billion in 2022.

Belgravia has been London’s top address for ultra-prime sales, accounting for 13 (24%) of the 54 £15 million plus deals, followed by Mayfair and Knightsbridge, both with 8 deals each, Kensington with 7 deals, followed by Chelsea (4), Hyde Park (4) and Whitehall (3). There have also been £15 million plus deals in Hampstead, Notting Hill, St John’s Wood, Chelsea, Regent’s Park and Richmond.  These 13 addresses are the most sought after by global wealth in London.

£32.5 million Tregunter Road

Looking at how London’s super-prime residential market will perform in 2024 Beauchamp Estates forecast that for properties priced above £15 million values will rise by 1% or 2%, with the volume of deals likely to rise by 10%, the market driven by buyers from five key countries – the United States, Saudi Arabia, the United Arab Emirates, China and India.