Comprehensive whole market analysis (second hand and new build sales) by Savills reveals that there were 107 £5 million plus transactions recorded in Q2 2026, 45% higher than in Q1 this year.

When compared to Q2 of last year, the number of sales priced between £10 million and £15 million increased by 58%, while transactions in the £15 million to £20 million bracket rose by 38%.

But despite this growth at the upper end of the market, overall sales volumes were down 7% year-on-year.

Looking at June in isolation, activity was stronger, with sales increasing by 6% compared with the same month last year.

Super-prime demand underpins market resilience

In value terms, a total of £1.22 billion was spent on £5 million-plus homes in Q2 2026, this marks the strongest quarter since Q4 2024, and a 13% increase on the previous year.

The increase was fuelled by a flurry of £20 million-plus transactions completed during the quarter, highlighting the resilience of demand at the very top end of the market.

"The prime housing market has become increasingly cautious over the past year, reflected in lower levels of activity and price growth in the £5–10 million market. However, the surge in transactions at the very top end provides a strong reminder of London's enduring appeal to the global wealthy,” comments Frances McDonald, director of research at Savills.

“Buyers continue to recognise the relative value on offer in London compared with other global cities and are willing to act decisively when exceptional 'trophy' properties come to market. But while super-prime transaction volumes have strengthened, activity in the first half of the year remains below the levels seen in recent years and is more closely aligned with the pre-pandemic average, suggesting a market that is improved, rather than accelerating.

“In the near term, we may see some safe-haven flows of capital supporting the market, particularly against a backdrop of ongoing geopolitical and economic uncertainty. Nevertheless, renewed questions around the future tax landscape remain a key consideration for many buyers and are likely to continue to temper activity until we have more clarity.”

Hampstead joins London's top three £5m+ neighbourhoods

Flats (29% vs 71% houses) made up the lowest share of sales since 2021, when buyers were prioritising space, gardens and enough accommodation to work from home during the pandemic. This latest drop reflects softer investor demand and fewer purchases from international buyers, says Savills.

Traditional prime neighbourhoods of Kensington and Chelsea remained the most active parts of the £5 million-plus market, accounting for 12% and 11% of all sales respectively.

However, Hampstead has been named as a top three location for £5 million sales for the first time. 1 in 10 sales above this price point took place in this sought after London village, nearly double its share in 2025.

“The top end of the Hampstead market continues to be supported by domestic buyers with a clear focus on quality. Demand for the best homes remains robust, with limited supply underpinning competition and strong pricing,” comments Neir Gigi, head of Savills Hampstead.

“Several of the homes sold had been held by the same families for decades, creating a rare level of scarcity. Buyers recognised these as exceptional long-term assets and moved quickly to avoid missing out.”