While super-prime London still attracts global wealth, the £1m–£10m buyer is increasingly heading for the country
Prime London property has hit a soft patch, and it’s not just political noise or tax threats behind the slowdown. According to Paul Welch, founder of Million Plus Private Finance, affluent buyers in the £1m–£10m range are prioritising space, lifestyle and value, pushing demand beyond the capital.
“Right now, prime London is soft but selective,” Welch said. “There are pockets still performing, but overall it’s challenged.”
Super-prime still moving, but sentiment has cooled
Welch, who works with clients ranging from top-earning professionals to billionaires, sees a clear divide. “For the 0.0001 percent – those earning ten million to ten billion a year – money is irrelevant. They’ll buy if there’s an opportunity. But for that one to ten million range, London’s tough.”
He blames much of that on political messaging. “Tell everyone taxes are going up and no one has the confidence to make a buying decision.”
Market data backs him up. Transaction activity for homes above £5 million in prime London is around onethird below prepandemic levels, despite rising supply. Welch notes that while some super-prime stock may be 30% off peak, these are isolated deals.
Regional markets benefit from post-COVID lifestyle shift
In contrast, regional prime markets, particularly those with strong schools and transport links, are holding up better. “Whether you’re buying a three-bed for £400,000 or a £30 million home, the same human stuff matters: schools, location, transport,” Welch said.
He sees steadier interest in the £1m–£10m bracket. “People are buying family homes. They need space. The market paused, but there’s renewed interest. It’s a buyer’s market, not a seller’s, for sure.”
Welch points to hybrid working as a key driver. “More people earning a million a year - top barristers, bankers - are buying £3m to £5m homes in the country and commuting twice a week. That’s why regional prime is probably doing better than London.”
What high-end buyers are really weighing
Welch says location choice depends on budget, but four themes come up consistently: liquidity, value, lifestyle and borrowing strategy.
“Liquidity and demand, for both sale and rental, is number one,” he said. “If you’re sub-£10m, you’ve got to think about who’s going to buy or rent it next. Above that, say £30m or £200m, it’s a capital park. That’s a different world.”
“Post-COVID, people realised they don’t need to be in London full-time. So value for money, space, lifestyle, that’s what they want.”
Buyers are also becoming more strategic with finance. “We’re always looking at how to borrow cost-effectively. If they’ve got single stocks, crypto, pensions - we look at how to monetise those. You might have a £5m Google position, borrow against it at 1% on a Swiss franc loan, and suddenly you’re a cash buyer in London, even though there’s debt in the background.”
He adds: “Most people think the super-rich pay cash. Not true. Unless you’re worth ten billion, you’re probably using debt - for inheritance tax, liquidity, all sorts. And you can still do 100% loan-to-value if it’s structured right. It might be 70% mortgage, 30% Lombard, but it gets you there.”
Regional value is driving both decisions and deals
Welch is clear on where value lies heading into 2025. “If you’re buying sub-£10m, it’s regional. Better value, better lifestyle, lower downside risk,” he said. “That’s where the demand’s coming from - people with real jobs, big incomes, who want more for their money.”
But location still matters more than ever. “A smart outer London spot could outperform a poorly chosen regional one. You need good schools, strong transport links, a functioning local economy. That underpins everything.”
The post-COVID reshuffle has tilted buyer priorities. For brokers and advisers operating in the high-end space, the message is clear: clients are acting where confidence and capital align, and right now, that means looking beyond the London postcode.
Recent price trends underline the market divide
While mainstream UK house prices have remained broadly flat, prime London continues to lag. Latest data shows that values in prime central locations have fallen by around 3.5% year-on-year, compared with a smaller 1.9% decline across regional prime markets.
The sharper drop in London reflects a combination of political headwinds, reduced international demand and limited debt-backed transactions – all reinforcing the shift toward value-led buying in commuter-accessible regional hotspots.
