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 revealed that prime London new builds are enticing time-poor, cash-rich buyers, typically from the Middle East and North America, who still see the long-term investment power of London. 

With London achieving record sales of properties over £5m in 2022, the city has retained its draw to both international and domestic investment. However, the firm said 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. The 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 said buyers may pay up to a 30% premium to secure a newly built home and that 70% of the £793m worth of property sales over £5m in Mayfair last year were new-build sales. This percentage jumped to 80% when looking at sales over £10m.