Billionaires fleeing Donald Trump’s America are snapping up cut-price London mansions from non-doms.
American buyers were behind one in five luxury home sales in London last year and are expected to continue to be a significant driver of purchases in 2026, according to Beauchamp Estates’ annual Billionaire Buyers in London report.
Gary Hersham, the founder of Beauchamp Estates, told The Telegraph that American buyers had become the “most serious” group in the £15m-plus market, with many “disillusioned” by Mr Trump’s presidency.
“I think it impacts the way Americans are thinking,” he said. “A lot of them want to leave the US and come to England.”
High-profile Trump exiles include TV host Ellen DeGeneres, who has said she would live in the Cotswolds after his re-election as president.
George Lucas, the Star Wars creator, last year spent £40m on a mansion in St John’s Wood, prompting speculation that he too may be relocating for political reasons.
Last year, 41 homes priced above £15m sold in London. Around 65pc of sales were non-doms quitting Britain for lower-tax destinations such as Dubai and Monaco, according to Beauchamp.
‘It does not match what you can get in London’
That exodus has put downward pressure on prices, and Mr Hersham said US buyers were also attracted by the value on offer in London.
He said: “If you look at what they’ve bought in London, the quality is exceptional compared with America; it’s a pittance compared to their wealth. Americans actually really like London and realise it’s a very good idea to diversify their assets.”
The gap between the average asking price and sale price widened to 7.6pc last year, compared to 7.1pc in 2024 and 5.6pc in 2023.
Mr Hersham added: “If you look at what you can buy for your money in Los Angeles or in New York in terms of style and quality, it does not match what you can get in London.”
Beauchamp Estates predicted that mansion prices will weaken by between 2pc and 3pc this year. Mr Hersham said some wealthy buyers continued to “view London with some caution” following recent tax and regulatory changes.
Rachel Reeves, the Chancellor, unveiled a mansion tax on properties worth more than £2m in her November Budget. Ms Reeves has also set out plans to end non-dom status.
While Trump exiles are a significant part of the luxury London property market, Middle Eastern buyers are likely to continue to account for most activity this year, according to Beauchamp.
Gulf investors who have recently bought mansions in London include Abu Dhabi billionaire Hussain Sajwani, who bought a townhouse overlooking Hyde Park for £28m in spring last year.