High-value residential property sales in London have remained strong, with 93 deals exceeding £5m in Q1 2025, according to data from Savills.

The data revealed that properties valued from £10m to £15m performed strongly, with sales rising 64% and 33% respectively compared with Q1 2024 and Q1 2023.

Q1 sales in this price range totalled around £960m, up 3% on the same period last year and 4% above the Q1 pre-Covid average.

Nick Maud, director of research at Savills, said the results were stronger than expected and are “primarily a hangover from the previous quarter”.

He added: “The impact of global uncertainty and new tax measures has been most keenly felt in the rarefied prime central London market, where the pool of active buyers is shrinking.

“While stock levels have risen over the past two years, they have fallen since the October Budget. This means that despite talk of individuals relocating to more tax-friendly jurisdictions, there has not been a significant exodus of sellers.”

Belgravia was the London market with the highest proportion of £5m-plus sales, accounting for 13% of sales. This was followed by Chelsea, up from fourth to second place since the last year.

Westminster came in fourth, accounting for 6% of £5m-plus sales – the highest proportion for the borough since 2020.

Alex Christian, co-head of Savills’ private office, added: “Domestic buyers continue to drive activity at the top of the market, with particular demand for best-in-class properties in Chelsea. The area’s village-like atmosphere, combined with excellent schools and a strong selection of restaurants, makes it especially attractive to families.

“In today’s more uncertain market, it’s the standout properties in the most sought-after locations that are outperforming the rest. These buyers are largely focused on securing long-term family homes, showing a clear commitment to staying in the area for years to come.”