• In Q3, overall, £5 million-plus sales are down 12% on the year, but are down just 3% in terms of value
• Demand has continued to favour houses over flats at the top end of the market, with flats accounting for their smallest share of £5 million-plus sales since 2021

£10 million-plus buyers now account for largest share of London super-prime spending since 2019, according to international property adviser Savills.

Whole-market analysis by Savills reveals that there were 93 transactions above £5 million in Q3 2026, taking the total to 284 sales so far this year and 396 over the past 12 months. While sales volumes are down 12% year-on-year in Q3, total spending is down just 3%, as top-end buyers underpin market activity.

There were 26 sales above £10 million in Q3 2026, taking the total to 89 transactions year-to-date, according to Savills.

These transactions generated £532 million of spending during the quarter and £2.21 billion so far this year, accounting for 62% of all spending on homes valued above £5 million over the past 12 months. This is the highest proportion recorded in seven years (since Q3 2019).

“The top end of London’s prime market is being driven by the most discretionary of buyers. While the wider prime markets remain sensitive to economic conditions and concern over current and future taxation, these buyers continue to be attracted to the capital’s relative value compared with other global wealth hubs, with prime values now down more than quarter on their 2014 peak,” comments Frances McDonald, director of research at Savills.

“With the majority of spending now concentrated in transactions above £10 million, it is clear that demand for London's trophy assets remains exceptionally resilient despite ongoing geopolitical uncertainty."

Belgravia (18%), Knightsbridge (15%) and Kensington (11%) have been London's leading £10 million-plus markets in 2026, accounting for the highest concentration of super-prime transactions so far this year.

Demand has continued to favour houses over flats at the top end of the market, with flats accounting for their smallest share of £5 million-plus sales since 2021.

“The strength of Belgravia and Knightsbridge at the very top end reflects substantial investment into these neighbourhoods, alongside growing recognition of the value they offer relative to other global prime markets. Buyers remain highly selective but are willing to act decisively when exceptional homes become available,” comments Richard Gutteridge, Savills’ head of prime central London.

“While tax changes and wider uncertainty have caused some buyers to pause, demand from globally mobile ultra-high-net-worth individuals remains robust. Less affected by domestic tax considerations, these buyers continue to seek trophy homes, and London remains one of their preferred destinations.”