Billionaires buying larger, more valuable homes in Prime Central London in 2023

The world’s super-rich have been busy buying even larger, more luxurious and valuable homes in Prime Central London during the first half of 2023, compared to the same period in 2022

The capital’s super-rich buyer market is set to remain buoyant during the remainder of 2023 driven by American, European, Indian, Malaysian and Chinese buyers, says a new survey by Beauchamp Estates.

This special mid-year 2023 edition of the annual Billionaire Buyers in London survey by Beauchamp Estates has looked at sales of luxury residential properties valued over £15m between January and May 2023, compared to the same period in 2022, analysing deals data from LONRES and the agency’s own in-house deals data and local market intelligence.

Beauchamp Estates claims that it has been a busy start to the year in the ultra-prime residential market in London, between January to May 2023 there have been £340m worth of deals agreed for the sale of ultra-prime homes in Prime Central London priced above £15m.

Beauchamp Estates highlights that this is down on the £404m worth of £15m plus deals agreed in 2022 over the same period, but underline that the steady flow of deals during the first half of this year indicate that there remains a sustained and healthy appetite amongst the world’s super rich for buying trophy homes in the UK capital.

Beauchamp Estates observes that the most “striking” trend in London’s ultra-prime residential market during the first half of 2023 is that the size and value of luxury London homes being purchased, including houses, mansions and apartments, is significantly up on 2022.

Gary Hersham, founding director of Beauchamp Estates, commented: “The size and value of luxury London homes being purchased is significantly up on 2022, the houses being acquired currently average 11,200 sq ft, almost double the size of the properties bought last year.”

Marcus O’Brien, head of Beauchamp Estates Private Office, added: “The UK economy is expected to grow steadily from 2024 onwards and over the next five years most analysts anticipate Prime London average prices to rise by around 20 per cent.

“Compare this projected growth against global stock markets, which are volatile, and investments in the new tech and digital company sectors, where returns have been mixed. The price of gold has also risen more modestly in the last few years. This is why London real estate continues to attract the global super-rich.”

By Matthew Neville – Senior Correspondent, Bdaily

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