Super-Prime London Property Market Shows Resilience Amid Changes in Tax Law

London, UK – London’s super-prime property market stays strong under new tax law shifts. Experts at Christie’s International Real Estate (CIRE) now see steady trends. The market adapts well as rules change and views on tax grow.

Unexpected Strength in High-End Property

In a City AM interview, Mike Golden and Thad Wong shared their views. They said that despite worries that ending the non-domicile tax rule might scare off rich buyers, activity in properties over £10 million has grown. Golden said, “I do not believe that changing the non-dom rules was a good move, yet the results are the reverse.” They noted that in the last three months of last year, the super-prime deals doubled compared to the same time in 2023. The old tax rule had given foreign buyers good benefits. In October 2024, the Chancellor spoke during the Budget. She said that those who choose Britain as home must give a fair share in tax. Some leaders feared this might reduce London’s pull as a tax-friendly place for rich buyers.

Shifts in Market and Foreign Cash

The super-prime market now looks healthy. Golden said, “The London market was a bit low, but it is rising again. London stays London.” He added that 2023 and 2024 were hard for global property. Still, the UK luxury sector shows strong signs in rough times.

Data from Knight Frank shows that the market has just reached levels seen before Brexit. This marks a good recovery after tough times due to Brexit and the COVID-19 hit. The steady nature of the UK economy may pull in foreign buyers, especially those who seek safe investments in tricky times.

Effects of World Market Trends

CIRE leaders also show worry about changes in US stock markets and the mix of US tariff plans. Wong said, “A shaky stock market starts fear. And fear grows much faster than hope.” Weak performance in US markets could push rich buyers to see the UK property market as a safer bet.

The Race in High-End Property

Since 2021, CIRE has built a strong mark in high-end real estate. The firm now stands with big names like Sotheby’s International Realty. CIRE has signed major deals, such as the sale of a £117 million island in Palm Beach and the sale of the Bridehead Estate in Dorset for about £30 million.

The current global shake-up may bring more foreign cash into London’s super-prime market. Golden said, “I would not be surprised if more buyers choose the UK, seeing it as simple and steady.”

Looking Ahead

The future of London’s super-prime market matters for luxury buyers and for those who invest in shared housing too. Changes in the market can shift views on many types of property.

In short, even though the UK high-end market felt a shock after the non-dom tax rule changed, signs now show a strong back-up for London. This steady scene may now shine as a chance for those wanting a long-term home in property.

Sources

• City AM. "Interview with Christie’s International Real Estate."
• The Guardian. “Chancellor Abolishes Non-Dom Tax Regime," October 2024.
• Knight Frank’s Insights on London Property Market.