A total of 175 homes sold for more than £10 million in London in the year to November 2023, the highest number in eight years, according to research by estate agency Knight Frank. More than £3.4 billion was spent on these properties, the highest figure since £4.2 billion was spent in 2014.

With a number of extremely expensive sales recently completed, full-year 2023 sales are likely to be even higher.

It is understood that Adar Poonawalla, an Indian billionaire who owns a well-known vaccine factory, bought a mansion in Mayfair last week for £138 million. The 2,300 square meter (25,000 square feet) Aberconway House, which Punawala acquired from the daughter of Polish billionaire Jan Kulczyk, is 24 times the size of the average British home.

According to the data, the most popular location for the super-rich is Mayfair, where 29 of last year's sales were for properties. This was followed by Kensington (24) and Belgravia (23).

In total, there were 28 property sales of £30 million or more in London, 24 between £200,000 and £30 million, and 123 between £10 million and £20 million.

The figures also show that while sales of luxury homes in London have increased, sales in rural England have fallen.