For an increasingly mobile global elite, London has not lost its lustre. To perhaps an unprecedented degree, families are splitting the way they live, moving between properties annually or seasonally, often following social calendars. As the conflict in the Middle East continues, London is a familiar safe-haven location to which they might easily relocate, albeit not necessarily lock stock and barrel.

The country may have lost some of its shine following recent changes to the UK’s tax regime for internationally mobile individuals. However, the four-year FIG regime remains compelling within the global context and London’s liveability and all-round offering often prevail when weighed against alternatives such as Milan, Monaco or Dubai: the grass is not always greener. Ultra-prime buyers are split between Europeans who wish to stay close to home, Americans drawn to the showbusiness and financial powerhouse of Europe, and senior members of sovereign families from the Gulf.

A brittle confidence in the market is somewhat offset by buyers taking advantage of opportunities provided by recent price falls. Resilience is most evident in the ultra-prime sector: London sales of £10 million or above in the second quarter of 2026 were up 24% on the same period last year.

Demand remains tempered by questions over the introduction of a wealth tax by the new prime minister. Yet two of the highest-ever capital value sales – Chelsea’s Providence House at approximately £275 million and Regent’s Park The Holme at around £190 million – suggest that there are ultra-wealthy buyers still prepared to pay big sums for the generational opportunity to own the very best-in-class trophy assets in London.

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