London Luxury Home Prices Rise for the First Time in 20 Months

London’s luxury home prices have increased for the first time since June 2023, according to a report from LonRes released in the U.K. on Wednesday.

The average sale price in February rose 0.6% from the year prior, though compared with pre-pandemic levels, prices were still 1.2% lower.

“While it’s only a single month of data and a small rise, a sign of return to growth might motivate buyers to become more active,” said Nick Gregori, head of research at LonRes. “This is in contrast to a long period where demand has been depressed by fears of further price falls.”

Prices rose even as inventory increased—new instructions, or the number of new properties on agents’ books, were 34% higher than a year before, and total supply was up 11.6%. This significant increase in homes for sale should keep drastic price increases at bay, Gregori noted in the report.

Supply is growing faster than demand in the U.K. capital—sales fell 8.4% annually last month though they were up 6.8% from 2017-19 numbers.

The rebound at the highest echelons of London’s market was even more pronounced.

In the £5 million-plus (US$6.5 million) sector, home sales were up 13.8% year over year in February, while new instructions increased by 30%. There are also now 21.1% more £5 million-plus homes available for sale in London than there were a year ago, and luxury apartments are becoming more prevalent in this sector.

“We have seen similar increases for all prime central neighbourhoods but a big difference between property types—the number of £5 million-plus flats on the market has grown at triple the rate for houses over the past 12 months,” Gregori said.

As for London’s high-end rentals, prices were up 6% from last February, the highest level of rental growth since November 2023, according to the report. This brings the city’s average rents to 33.3% above pre-pandemic levels.

“The prime London lettings market continues to be constrained by a lack of stock,” Gregori said. “Robust demand and low levels of new supply are sure to put upward pressure on rents, so it’s no surprise that annual rental growth increased to 6% in February, the highest rate for 16 months.”

Rolls-Royce has revealed a new series of bespoke Cullinan motor cars inspired by the world of yachting, with four individually commissioned vehicles reflecting the materials, movement and design codes of life at sea.

Presented at Goodwood in the UK, the Cullinan Yachting collection comprises four one-off vehicles themed around the cardinal directions, North, South, East and West, each expressed through distinct exterior finishes and interior detailing.

The commissions lean heavily into maritime influence, a space Rolls-Royce says is closely aligned with its global client base.

Each vehicle features marine-grade teak, hand-painted fascia artwork inspired by the wake of a tender cutting through water, and intricate marquetry compass motifs made from more than 40 individual pieces of wood veneer.

Hand-painted elements have become an increasingly sought-after feature among Rolls-Royce clients, with the brand employing dedicated artisans to develop bespoke interior compositions.

For the Cullinan Yachting series, the painted wake effect required months of experimentation to achieve a natural sense of movement.

Inside, the vehicles are finished in Arctic White and Navy Blue leather, with hand-stitched detailing designed to echo the structure of nautical ropework. A signature Rolls-Royce Starlight

Headliner has also been reimagined, with fibre-optic constellations arranged to reflect Mediterranean wind patterns.

Each car’s exterior colour has been developed to align with its directional theme, ranging from lighter blue tones evoking northern waters to deeper hues referencing warmer southern seas and storm-lit horizons.

Rolls-Royce said the collection reflects a longstanding relationship between the marque and the world of yachting, dating back to its co-founder Charles Rolls, whose family owned a steam yacht and travelled extensively through the Mediterranean.

The release underscores the growing demand for highly personalised vehicles among ultra-high-net-worth buyers, with Rolls-Royce increasingly positioning its cars as part of a broader luxury lifestyle that extends beyond the road.

London Luxury Home Prices Rise for the First Time in 20 Months

The slumping market finally saw the average sale price tick up, rising 0.6% in February.

Four one-off Cullinan commissions draw on the design language of yachting, blending marine craftsmanship with Rolls-Royce’s signature bespoke detailing.