Bargain hunt for homes above £10m

By the Editorial Team · Monday, October 26, 2026

Sales of London properties priced over £10 million have surged, totaling £2.2 billion this year, as buyers take advantage of a 27 percent price drop since 2014. This rebound highlights greater resilience in the ultra-prime market, driven by wealthy international investors despite high transaction costs and slower activity in the £5-10 million bracket.

The top tier of London’s housing market is demonstrating greater resilience than initially expected, as affluent buyers appear to be capitalizing on substantial price reductions. Data from Savills indicates that prices for prime London properties valued at £10 million or more have declined by 27 percent since their peak in 2014. When adjusted for inflation, this drop amounts to a 50 percent decrease in real terms.

This significant reduction has prompted a resurgence of interest among high-net-worth individuals, with 89 sales exceeding £10 million recorded so far this year, totaling approximately £2.2 billion. Among the largest transactions was a £265 million purchase by hedge fund manager Suneil Setiya from billionaire and Reform UK treasurer Nick Candy for Providence House, a Grade II listed property in Chelsea. Another notable sale involved Abbas Sajwani, son of Emirati billionaire Hussain Sajwani, acquiring The Holme in Regent’s Park for £190 million.

Experts from Savills have pointed out that buyers may perceive the market risk as having diminished, given the scale of the recent price correction. Frances McDonald, director of residential research at Savills, noted that while the bottom of the market is not definitively predicted, some opportunistic investors might view further declines as unlikely. McDonald acknowledged that high stamp duty fees present a significant cost barrier, particularly for overseas purchasers who may face levies as high as 19 percent on additional properties. Nevertheless, she highlighted ongoing demand from US buyers, citing the strength of the dollar and economic uncertainty in the United States as motivating factors, alongside continued interest from Middle Eastern investors.

Richard Gutteridge, head of prime central London at Savills, emphasized that London remains a preferred destination for wealthy buyers seeking high-end properties, often described as "trophy homes."

In contrast, the market segment comprising properties priced between £5 million and £10 million is experiencing slower activity. McDonald attributed this to these buyers being more sensitive to mortgage rates and broader economic conditions. Sales of properties over £5 million are down 12 percent in volume compared to last year, though the value of transactions has declined by only 3 percent. According to Savills, investment at the prime end of the market is increasingly focused on homes priced above £10 million, suggesting a growing divergence in demand between ultra-prime properties and the broader high-value sector.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.