London's Luxury Property Market Defies Gravity: £10 Million-Plus Sales Up 34% in Q1
Ultra-high-net-worth buyers from the Middle East and Asia are driving a remarkable spring surge
London's super-prime property market has staged a remarkable recovery in the first quarter of 2026, with transactions above £10 million surging 34% compared to the same period last year, according to new data from Knight Frank and Savills.
The Numbers
A total of 87 residential properties changed hands at prices above £10 million in the first three months of the year — the highest first-quarter figure since records began. The average sale price in this tier rose to £18.4 million, with several transactions exceeding £40 million.
Mayfair, Knightsbridge, and Belgravia continued to dominate, accounting for 61% of all super-prime sales by value. But estate agents report growing interest in neighbouring areas including Chelsea, Holland Park, and parts of Notting Hill where comparable properties can still be acquired at a relative discount.
Who Is Buying
Buyers from the UAE, Saudi Arabia, and Qatar collectively accounted for over 40% of transactions in the £10 million-plus bracket — a significant increase from the 28% recorded in the equivalent period of 2025. Buyers from India, Singapore, and Hong Kong made up a further 22%.
"London continues to offer something that no other global city can match," said William Blackwood, head of super-prime sales at Savills. "Legal certainty, cultural diversity, world-class education, excellent healthcare. For ultra-high-net-worth individuals looking for a stable base in Europe, London is the default choice."
What They're Buying
Demand is particularly strong for newly developed penthouses and lateral apartments with private terraces and high-specification finishes. Several developers have reported waiting lists for units that have not yet completed. Off-plan sales in Mayfair's most prestigious new developments are occurring at prices that were unimaginable even three years ago.
The data will offer significant encouragement to the government and the property industry after two years of subdued activity across the broader market. Whether the super-prime recovery can trickle down to the mainstream market remains the defining question for Britain's housing sector in 2026.
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Property & Luxury Correspondent
Sophie Hartington covers the UK's prime and super-prime property markets, luxury brands, and the travel and lifestyle pursuits of Britain's wealthiest individuals. With a background in luxury brand consulting and a decade of luxury journalism at Tatler and Country Life, Sophie brings unrivalled access and expertise to TGBN's coverage of the upper end of British life. She read History of Art at Cambridge.
