Market Insights February 2026

Please see below our February Market Insights sharing the key themes we’re seeing in prime central London this month.

If you have any questions or would like to discuss the market in more detail, please don’t hesitate to contact me or the team.

Best wishes

Jo Eccles

Founder and Managing Director, Eccord

+44 (0) 20 7244 4482 / +44 (0) 7740 825 875

jo.eccles@eccord.com

LinkedIn | Instagram

Transaction costs hindering upsizing

Unusually for this time of year, we are seeing fewer traditional ‘trade-up’ buyers where they are selling an existing London property to buy a larger one nearby or move to a different neighbourhood. Many can’t justify the significant transaction costs in return for often marginal lifestyle difference. 

Instead, buyer demand is being driven by three profiles: tenants moving out of rented accommodation, buyers relocating to or repatriating back to London, and clients seeking pied-à-terres. 

For anyone who has already paid stamp duty once in the past decade, there is a reluctance to do so again. The financial hurdle to move for what might be perceived as a relatively modest improvement – an additional bedroom, being slightly closer to transport or a larger garden – involves not only a jump in price bracket, but also significant stamp duty. 

For many, the financial cost of moving feels disproportionate to the benefit gained and unless the change is truly material, they are coming to the conclusion to stay put. Those who are in a position to move are feeling the pressure to ‘get it right’, recognising the importance of informed advice to navigate choice, assess value and buy well for the long term.

Early signs of increased willingness to refurbish

After several years of nearly all our clients strongly prioritising properties in good condition, we are seeing signs of a shift in behaviour. 

Where pricing is realistic and there is value to be achieved, we’re seeing more buyers open to taking on refurbishment work for the right property. One client has just appointed us after having bid and lost out on four properties priced around £2m, each of which required extensive modernisation and had all gone to competitive bids. 

Understanding pricing and being realistic on construction costs but also timescales, professional fees and VAT is critical – as is being the preferred buyer and being able to demonstrate your commitment and ability to move quickly.

Properties which do not require refurbishment still remain sought after for their immediacy. We do find that clients buying from £15m upwards will typically choose a turnkey property, but will most often end up personalising the space before they move in regardless, even in the knowledge that they may not make their money back in the current market.

Increase in demand towards long-term rentals

As we predicted, the introduction of the four-year FIG regime has prompted a shift towards long-term rentals for many internationals in the prime and super prime market.  

The volume of £5,000+ per week tenancies rose 17% year-on-year in early 2026 as some HNWIs prioritise flexibility over ownership. This has also been supported by super prime landlords who are financially able to hold on to high value homes and rent them out, rather than crystallise a loss in the current sales market. 

The regime grants new arrivals 100% tax relief on foreign income and gains for their first four years of UK tax residency, providing they have not been a UK tax resident in the preceding ten years. For many, a four year window is too short to justify the cost of buying a London home. Renting also provides them with lifestyle flexibility.

Our property search team have been involved in a number of high value rental searches where clients’ high expectations and requirements mirror that of a purchase. Whilst renting is a shorter term option, their criteria is as exacting as it would be for a long term purchase.

International demand for home management services

Demand for our home management services has doubled over the past two years, driven significantly by Americans and other internationals who continue to represent approximately one third of our buying clients. 

For most UHNW families in the US and other locations, it is standard practice to retain a dedicated Home Manager to ensure their homes are meticulously maintained and ready for use. The expectation of seamless, professionally managed living is something they are increasingly seeking to replicate in London.

This includes appointing and managing household staff, setting up utilities and service contracts, coordinating a proactive home maintenance programme and managing float accounts to settle all bills on their behalf.

As international capital continues to flow into London property, so do the service standards that accompany it. We expect demand for professional home management to continue to grow, becoming an increasingly integral part of the home ownership experience.