Prime Central London continues to defy expectations. Despite recent political changes around non-dom tax status, the PCL property market remains surprisingly resilient.
While we've seen some high-net-worth individuals leave the UK, the anticipated flood of ultra-prime homes hitting the market simply hasn't materialised.
In reality, very few non-doms are selling - most are choosing to hold on to their London properties. This is driven by a combination of personal lifestyle decisions, hopes for future political change, and practical financial considerations such as the significant stamp duty they would face if they decided to return and repurchase later. For many, retaining a base in London remains a priority, reflecting the city’s enduring appeal as a cultural, financial, and educational hub.
As a result, we’ve entered a period of illiquidity: some buyers exist, however many sellers are sitting tight. What’s limiting transaction volumes is a nervousness around what might come next politically.
Overseas demand remains. Enquiries continue to come in from American and Middle Eastern buyers, and we’re now seeing a notable increase in interest from Chinese buyers, many of which of whom tell us they are following their children who might have previously gone to the US for their higher education. Traditionally these buyers would have gravitated toward new-build properties, such as riverside developments. We’re now seeing a growing openness to second-hand stock.
The market up to £4.5 million is currently very domestic, with a healthy level of willing buyers and sellers. Above that level, activity tends to be more opportunity led. There are ultra-prime opportunities available via discreet channels, and many of these transactions may never be visible in public registries, further obscuring the true level of movement at the top end of the market.
In short, while the market is undoubtedly quieter, there remains a steady stream of high-value interest and selective activity. London’s top-tier property market remains not just resilient, but also underpinned by long-term global confidence and a desire to maintain a foothold in one of the world’s most desirable cities.
Author:
Robert Green
Head of Sales, Chelsea Green, London
[email protected]
