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Star Wars creator George Lucas spent £40 m on a St John's Wood mansion last year
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US billionaires ‘disillusioned’ with Trump buy cut-price London mansions
Jan 07, 2026
Highlights
- Americans behind 20 per cent of London luxury property sales in 2025, expected to continue in 2026.
- Non-doms selling 65 per cent of £15m-plus homes, relocating to Dubai and Monaco for lower taxes.
- Mansion prices forecast to drop 2-3 per cent in 2026 following Rachel Reeves' Budget changes.
American billionaires disillusioned with Donald Trump's presidency are purchasing luxury London properties at bargain prices from non-domiciled residents fleeing Britain's tax changes.
US buyers accounted for one in five luxury home sales in London last year and are predicted to remain significant purchasers in 2026, according to Beauchamp Estates' annual Billionaire Buyers report.
Gary Hersham, founder of Beauchamp Estates, told The Telegraph, Americans had become the "most serious" group in the £15 million-plus market.
"A lot of them want to leave the US and come to England," he told The Telegraph, adding that many were "disillusioned" by Trump's presidency.
High-profile examples include TV host Ellen DeGeneres, who announced plans to live in the Cotswolds after Trump's re-election.
Star Wars creator George Lucas spent £40 m on a St John's Wood mansion last year, prompting speculation about political motivations.
Non - dom exit impact
The exodus of non-doms has created opportunities for American buyers. Last year, 41 homes priced above £15 m sold in London, with approximately 65 per cent purchased by non-doms departing for lower-tax destinations like Dubai and Monaco.
This departure has pressured prices downward, with the gap between asking and sale prices widening to 7.6 per cent in 2025, compared to 7.1 per cent in 2024 and 5.6 per cent in 2023.
Hersham noted that US buyers appreciated London's exceptional value. "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," he explained.
However, chancellor Rachel Reeves' November Budget introduced a mansion tax on properties exceeding £2 m and plans to end non-dom status, causing some wealthy buyers to "view London with some caution".
Beauchamp Estates forecasts mansion prices will weaken by 2-3 per cent this year. Despite American interest, Middle Eastern buyers, including Abu Dhabi billionaire Hussain Sajwani who purchased a £28 m Hyde Park townhouse, are expected to dominate luxury property activity in 2026.
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