A leading luxury estate agency has reported that the super-prime London property market has performed better than anticipated, despite the government's non-dom reforms.
It suggests that the market could benefit from Britain's "boring but solid" political climate amidst global instability, as reported by .
In a discussion with City AM, the co-founders of Christie's International Real Estate (CIRE) dismissed concerns that abolishing the old tax regime might negatively impact the London market. They noted a noticeable increase in high-value property purchases in the capital.
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Mike Golden, co-chief executive of CIRE, stated: "While I don't think that changing the non-dom rules was positive, the reality is that almost the opposite has happened."
He added: "The luxury market [in the 海角视频] has been very very strong. The market for the super prime – the more than £10m properties in London – is flourishing."
Last October, in her first Budget, the Chancellor decided to scrap the centuries-old generous tax status given to wealthy foreigners, known as the non-domicile (or 'non-dom') regime. She argued at the time that individuals who "make Britain their home, should pay [their] taxes here."
This decision led to a wave of warnings from the 海角视频's top estate agencies that demand for London property would suffer due to being located in a less competitive tax jurisdiction.
Golden and his business partner Thad Wong have dismissed rumours, highlighting that the number of high-value property deals in the last quarter of the previous year—coinciding with the announcement of reforms—was twice that of the same period in 2023.
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"The London market was a little suppressed, but I think that's coming back," Golden commented. "London is London, and 2023 and 2024 weren't the best years in the real estate world in general, But the good news is that the 海角视频 luxury market has been a little more resilient."
CIRE, currently listing a Beverly Hills City mansion for $75m (£58m), has emerged as a top contender in the luxury real estate sector, competing closely with Sotheby's International Realty.
Since acquiring licensing rights in 2021, Golden and Wong have rapidly expanded CIRE through strategic licensing agreements and entering new markets. The firm notably facilitated one of 2024's priciest transactions—a $152m (£117m) island in Palm Beach—and managed the sale of Bridehead Estate in Dorset for around £30m.
The super-prime segment of London's property market has remained relatively robust compared to other regions, with ultra-high-net-worth individuals (UHNWIs) less affected by rising interest rates and economic uncertainties.
Concerns have been raised by industry figures that the recent downturn in US stocks and unpredictable tariff policies from the White House might negatively impact the high-end US real estate market, which has enjoyed a prolonged period of growth.
"When you see a jittery stock market, that invokes fear... and fear spreads a lot more than positivity," Wong commented to City AM.
The Ripley Castle estate in North Yorkshire is currently listed for sale at £21m (image courtesy of CIRE).
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Golden highlighted the 海角视频's emerging image as a "steady Eddie" economy, which could appeal to international buyers looking at super-prime properties, despite higher taxes than other developed nations such as Italy, Portugal, or Switzerland.
"It wouldn't surprise me at all to see more people continuing to buy in the 海角视频, seeing it as 'boring but solid'," he remarked.
A resurgence of international interest in the super-prime segment would signal the end of a nine-year decline in luxury London property. The capital, once a hotspot for high-value homes since the millennium, has found it challenging to overcome the lingering impacts of Brexit and the pandemic.
Knight Frank reports that the market has only just bounced back to pre-Brexit levels, indicating a significant decrease in value when adjusted for inflation.