According to a new wealth survey by Beauchamp Estates, London’s ultra-prime housing market for multi-millionaire and billionaire buyers experienced a 10% increase in unit sales and a 25% rise in the value of property sold during 2023. The agency reported that there were 54 sales for luxury properties exceeding £15m in 2023, compared to 49 in 2022, valued at £1.3bn in total. American, Saudi Arabian, UAE and Chinese buyers were the leading purchasers driving this growth.
Beauchamp Estates claims that a desire for personal security, privacy and hotel-style amenities has enticed wealthy buyers to purchase newly built apartments located in high-security super-luxury apartment buildings. These residential addresses, including Mayfair, Knightsbridge, Hyde Park and Whitehall, offer concierge security and amenities. During 2023, the number of super-luxury new-build London apartments priced over £15m sold rose by 137%, with 19 sales almost valued at £385m, up from just eight sales worth £181m in 2022. Each apartment averages 4,894 sq ft in size, with an average cost of £4,306 per sq ft.
The number of houses and mansions priced over £15m that were sold in 2023 fell by almost 15% with only 35 sold, compared to 41 in 2022. However, the total value and size of the homes have increased, making it worth almost £925m, compared to £876m in 2022. The average size of £15m plus houses sold in 2023 is 8,826 sq ft in size, almost 480 sq ft bigger than the equivalent figure in 2022. This is attributed to the reason that buyers have been purchasing houses for personal use rather than for buy-to-flip or rental investment.
Beauchamp Estates’ latest survey report, the Billionaire Buyers in London survey, analysed deals data from LONRES, combined with the agency’s own in-house data and market intelligence, to study sales of luxury residential properties valued over £15m between January and December 2023. According to the report, it is estimated that during 2023, 60% of the deals in Prime Central London for homes valued over £15m were to buyers from four countries, namely the United States, Saudi Arabia, the United Arab Emirates and China, who purchased around £780m worth of luxury property. Indian, Israeli and Nigerian buyers were also key acquirers.
Gary Hersham, Founding Director of Beauchamp Estates, remarks that “Buoyant oil and gas prices and booming domestic property markets have generated huge cash reserves in Saudi Arabia, Abu Dhabi and Dubai and the Sheikhs have chosen to invest a significant chunk of these revenues in London super-prime residential property.”
