Prime Central London property consultancy Tyburn has released new findings into ultra-high-net-worth investment in the prime new build market in London. Citing recent deals and research over the past months, Tyburn reveal that prime London new builds are enticing time-poor, cash-rich buyers, typically from the Middle East and North America, who see the long-term investment power of London.

With London achieving record sales of properties over £5 million in 2022, the city has retained its draw to both international and domestic investment. However, Tyburn reveal that whilst Prime London property is enticing record purchasing power, there has been a shift away from properties on the secondary market, with buyers now turning almost exclusively to new-build developments. Reasons behind this change include the often-unknown expense and time needed to refurbish older properties, with strict planning permits and inflated construction costs contributing to the shift in purchasing power.

Tyburn reveal that whilst buyers may pay up to a 30% premium to secure a home in the best-in-class, secure new developments located in London’s most exclusive postcode, they will still be making a financial saving when looking at the cash and time investment required to update a non-new-build home to a calibre comparable to new-build stock. Furthermore, the discretion and security (one of the most important purchasing factors for UHNW buyers) attached to new-build developments is often impossible to recreate within an older home.

70% of the £793 million worth of property sales over £5 million in Mayfair in 2022 were new-build sales. This percentage jumped to 80% when looking at the £634.7 million worth of sales over £10 million.

Tyburn reveal that the buyer demographics have mainly been from the Middle East and North America, with purchasers frequenting the Capital for both business and pleasure. Due to busy lifestyles and high-powered careers, these buyer groups prioritise turn-key homes with amenities at their fingertips.

80% of recent deals secured by Tyburn have been at high-end new build developments located in Prime Central London, with over £50M worth of said deals completed over the past seven months. These deals included properties at The Whiteley, 1 Grosvenor Square and Regents Crescent some of the most sought-after new schemes in the capital.

Tyburn reveal that limited amount of available high-end new build stock is driving prices and activity with reports citing that Prime Central London’s ultra-prime housing market for multi-millionaire and billionaire buyers has risen by 30 per cent.

There are under 20 high-end developments in Prime Central London with availability in the £5 million plus bracket. These include Chelsea Barracks, Southbank Place, 1 Grosvenor Square, The OWO and The Whiteley amongst a handful of others. The scarcity of stock and the increasing number of international off-plan sales has created a competitive market for these properties.

Moreas Madani, Founder of Tyburn, commented: “Tyburn’s recent findings into the Prime Central London sales market has revealed a clear buyer shift into the new-build sales arena. Although new build properties have always carried a premium, there has always been a greater desire for London’s iconic historic properties.

“However, due to increasingly stringent planning applications and sky-rocketing construction costs, time-poor Ultra High Net Worth buyers are opting for turn-key new-build homes with state-of-the-art amenities and security systems. With only a handful of these incredible properties on offer, there is a real demand bubbling, which is both driving prices and limiting stock.”

Tyburn was founded to deliver a unique offering to its varied client base, with a focus on sourcing the finest properties and lucrative investment opportunities in prime central London’s most exclusive locations.

The leading consultancy provides a full spectrum of services from buying, selling and consultancy for high-end homes to property management, rentals and development projects.