Sales in London's ultra prime residential market fell 13% in the first half of this year, or £100m year-on-year, according to data from Beauchamp Estates.

In its mid-year 2025 edition of the annual Billionaire Buyers in London survey, which tracks London homes sold for £15m or more, Beauchamp revealed that £694m of ultra-prime home sales were agreed in the first half, down from £795m in the same period in 2024.

However, the figure for the first half of 2024 had been 23% down on the £1.03bn of deals agreed in the first half of 2023, a more significant fall than in 2025, which meant that the market is levelling out, Beauchamp said.

Some 27 London homes valued above £15m sold in H1 2025, down from 46 in the first half of 2024. Super-wealthy buyers spent an average of £26m buying a London home in H1 2025, compared to just £16.5m in H1 2024.

However, since March, the number of £15m-plus deals has risen steadily each month, with Q2 accounting for 60% of all deals completed during the first half of the year.

Gary Hersham, founding director of Beauchamp, said these figures have primarily been driven by “non-domestic buyers relocated to relocating to Dubai and Abu Dhabi and a return wave of Emirati buyers purchasing large residences in London”.

He added: “The London market has turned a corner and we have seen a steady rise in £15m-plus deals in the first half of 2025, with effectively four to five trophy deals per month, which is extremely positive.

“London remains an essential location for multi-millionaires and billionaires to buy and have a home as part of their global property portfolio.”

Beauchamp added that US buyers have been relocating to London due to “spiralling living costs and rising crime in the US, alongside either a dislike of president Trump or rising personal wealth due to Trump’s tax cutting policies”.

The survey also revealed that the average size of luxury houses sold in H1 2025 was around 9,230 sq ft, down from 6,536 sq ft in H1 2024. Apartments sold so far this year were mostly large family flats, which averaged 5,397 sq ft, compared to 4,012 sq ft in H1 2024.

Beauchamp managing director Jeremy Gee said: “The current market has become the “new normal” with the present tax regime and economic conditions unlikely to change in the short to medium term.

“We have seen a marked upturn in sentiment, because viewed in a global and historical context, London property is looking like a good buy. With the market levelled out, both vendors and buyers have become more flexible on pricing and sales negotiations and as a result we have seen a steady rise in transactions.

“With London prices now below their 2014 values and a significant supply of trophy homes available for sale discerning domestic, Gulf and US buyers have seen a “once in a generation” opportunity to acquire a large family home in the UK capital.”