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, with the capital’s super-rich buyer market 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 £15 million 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 say 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 £340
million worth of deals agreed for the sale of ultra-prime homes in Prime Central
London priced above £15 million.  

Beauchamp Estates highlight that this is down on the £404 million worth of £15
million 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 observe 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.

Beauchamp Estates reveal that during the first five months of 2022 the average size
of £15 million plus house being purchased was 7,000 sqft, whilst during the same
period in 2023 the houses being purchased average 11,200 sqft, almost double the
size.

The acquisition of larger properties has raised the average value of the £15 million
plus deals being recorded, in the first part of 2022 the average price of the properties
being acquired was £21 million, this year that figure has risen to £30 million.

Likewise the average size of apartment and penthouse being acquired has also
risen, up from 4,844 sqft in the first half of last year to 5,232 sqft this year. The
average price has risen from £22 million in 2022 to £25 million for 2023.

Beauchamp Estates believe that the London houses and apartments being
purchased at values above £15 million this year are larger in size because the
majority of purchasers are buying as their primary residence, hence they are wanting
larger and therefore more expensive properties. Last year the majority were buying
London homes that were their second, third, fourth or fifth property, not their primary
residence.

Beauchamp Estates observe that during the first half of 2022 Belgravia and
Knightsbridge were the two top locations for ultra-prime home sales, during the first
half of 2023 it is Mayfair and Hyde Park which have dominated the deals
marketplace and seen the highest number of sales agreed. The average £ per sqft
value being achieved on these ultra-prime deals in the first half of 2023 is just over
£3,100 per sqft, virtually unchanged from 2022.  

Beauchamp Estates say that the £15 million plus residential market in London is
currently being driven by buyers and applicants from Britain, India, America,
Malaysia and China. The gradual return of buyers from Asia marks the start of a
return to normal international trading patterns following the disruption to global travel
and commerce caused by the COVID-19 pandemic.

Gary Hersham, Founding Director of Beauchamp Estates says: “During the first
five months of 2023 there has effectively been two billionaire buyer property deals
per month in Central London. The size and value of luxury London homes being
purchased is significantly up on 2022, the houses being acquired currently average
11,200 sqft, almost double the size of the properties bought last year. There remains
a sustained and healthy appetite amongst the world’s super rich for buying trophy
homes in the UK capital.”

Marcus O’Brien, Head of Beauchamp Estates Private Office says: “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%.
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.”

Beauchamp Estates has had an extremely good and busy start to 2023 in terms of
sales deals. In Primrose Hill Beauchamp Estates has recently sold Hollywood film
producer Tim Burton’s former London mansion for £17.5 million, one of the biggest
sales in the local marketplace. Similarly in Mayfair the agency has sold an apartment
close to Claridges Hotel for £9 million and in Bayswater an unmodernised townhouse
for £6.5 million.

Because the £15 million plus sector of the London marketplace is particularly
buoyant at present Beauchamp Estates are currently handling a vast number of
instructions where each have sales asking prices of over £40 million.

Current ultra-prime sales instructions being managed by Beauchamp Estates
include 2-8a Rutland Gate in Knightsbridge, a mega-mansion providing 62,000 sqft
of living space with a guide price of £225 million; a 30,000 sqft main house and
mews house on Avenue Road, with a private art gallery and a spectacular swimming
pool room featuring a 30ft high ceiling with a guide price of £110 million; Denham
Place, a Grade I Listed 28,525 sqft private palace set in 43 acres of parkland with a
guide price of £75 million and Grafton Street, a 14,000 sqft mansion, formerly the
global headquarters of Gucci, which has an asking price of £55 million.

For further information on Beauchamp Estates Tel: +44 (0)20 7499 7722 or
visit www.beauchamp.com