Surge in number of Ultra High Net Worth buyers in cen...

There was a 10 per cent rise in billionaires buying luxury homes in London during 2023, driven by purchases by Gulf sheikhs, US tycoons and the Chinese super-rich.

So says a new wealth survey by London estate agency Beauchamp Estates.

And for 2024 the survey forecasts that for properties priced above £15 million values will rise by one or two per cent with the volume of billionaire home deals likely to rise by 10 per cent.

The agency anticipates that this year the billionaire home buyers market in London will be driven by super-rich purchasers from five key countries – the United States, Saudi Arabia, the United Arab Emirates, China and India

London’s ultra-prime housing market for multi-millionaire and billionaire buyers rose by 10 per cent in unit sales and 25 per cent by value of property sold during 2023.

Beauchamp Estates says that concerns over personal security and privacy and a desire for five-star hotel style amenities has led wealthy buyers to purchase newly built apartments located in high-security super-luxury apartment buildings.

These high security apartment buildings offer billionaire buyers concierge security and amenities in addresses including Mayfair, Knightsbridge, Hyde Park and Whitehall

During 2023 there was a 137 per cent rise in the number of super-luxury new-build London apartments priced over £15 million sold, with 19 sales worth almost £385 million, up from just 8 sales worth £181 million in 2022.

These apartments average 4,894 sqft in size, each costing an average of £4,306 per sqft.

Beauchamp says that this is because buyers have been purchasing houses for personal use rather than for buy-to-flip or rental investment.

The agency adds that around 70 per cent of all £15 million plus deals during 2023 were cash purchases, up from 60 per cent in 2022 and 45 per cent in 2021.

This is because high interest rates and a squeeze in bank lending have led to significant decline in so-called preferrential ‘billionaire mortgages’ which in previous years billionaires used to fund residential buy-to-flip opportunities.