London’s £5m-plus trophy property market rallied in the second quarter of 2026, ays Savills. 

The agency’s analysis of the whole market – not just its own instructions – reveals that there were 107 £5m-plus transactions recorded in Q2 2026, 45% up on Q1 this year.

When compared to Q2 of last year, the number of sales priced between £10m and £15m increased by 58%, while transactions in the £15m to £20m bracket rose by 38%.

But despite this growth at the upper end of the market, overall sales volumes were down 7% year-on-year.

Looking at June in isolation, activity was stronger, with sales increasing by 6% compared with the same month last year.

Super-prime demand underpins market resilience

In value terms, a total of £1.22 billion was spent on £5m-plus homes in Q2 2026.

This marks the strongest quarter since Q4 2024, and a 13% increase on the previous year.

The increase was fuelled by a flurry of £20m-plus transactions completed during the quarter.

“The prime housing market has become increasingly cautious over the past year, reflected in lower levels of activity and price growth in the £5–10 million market. However, the surge in transactions at the very top end provides a strong reminder of London’s enduring appeal to the global wealthy” comments Frances McDonald, director of research at Savills.

“Buyers continue to recognise the relative value on offer in London compared with other global cities and are willing to act decisively when exceptional ‘trophy’ properties come to market. 

“But while super-prime transaction volumes have strengthened, activity in the first half of the year remains below the levels seen in recent years and is more closely aligned with the pre-pandemic average, suggesting a market that is improved, rather than accelerating.

“In the near term, we may see some safe-haven flows of capital supporting the market, particularly against a backdrop of ongoing geopolitical and economic uncertainty. 

“Nevertheless, renewed questions around the future tax landscape remain a key consideration for many buyers and are likely to continue to temper activity until we have more clarity.”