Middleton recently joined Farrer & Co for a webinar on strategic property decisions for family offices, covering acquisition, development, and risk. Our Head of London Buying, Ashley Wilson, shared what we are seeing on the ground in Prime Central London (PCL): where demand is returning, what buyers are targeting, and how to approach 2026 with clarity.
Below are Ashley’s key takeaways – practical points that family offices and international buyers can use when considering a UK foothold or a long-term London strategy.
The market paused after the 2025 Autumn Budget — and demand is now returning
Ashley noted that the late-2025 Autumn Budget created a period of market paralysis, particularly at higher price points. In broad terms, more domestic sub-markets continued to transact, typically in the £1m-£4m range. But above £5m, and especially £10m+, activity slowed materially as international clients and family offices paused to assess the landscape.
The change since then has been the build-up of pent-up demand during that quieter period. Ashley described how many serious buyers used that time to prepare, and that activity restarted earlier than usual. Rather than waiting until after February half-term, the London market “kicked off straight after Christmas,” with renewed interest from global buyers and family offices.
The practical implication for 2026 is that demand may increase faster than supply. For well-prepared buyers, this creates opportunity, but it also means organisation and decisiveness matter more when the right asset appears.
Is 2026 a good time to buy?
Ashley’s view was deliberately nuanced. Whether 2026 is a good time to buy depends on the buyer’s objectives, price point, and target geography. Competition behaves very differently at £3m compared to £12m, and each neighbourhood has its own micro-market dynamics.
His central point was not simply “buy” or “wait,” but to recognise that 2026 is unlikely to be a uniform market. Some segments may present genuine value, while others could become competitive quickly because more buyers are returning without any meaningful increase in best-in-class supply.
What holds value in Prime Central London: best-in-class and trophy assets
Ashley emphasised that the assets most likely to hold value share one defining characteristic: scarcity. In practice, “trophy” does not mean flashy. It usually means finite supply in a location that remains consistently desirable, combined with genuine uniqueness rather than highly replicable stock.
He contrasted properties that are intrinsically harder to substitute with “cookie cutter” developments where many units are similar. Uniqueness can come from the building, the layout, the position, or the address. These assets tend to be supported by long-term supply-and-demand dynamics.
Ashley also noted that some global buyers are spending less time in London than they might have done two or three years ago, which is contributing to renewed emphasis on apartments in the right locations. The key caveat is that even the best assets require discipline: buyers still need to “buy well.” Understanding value and striking the right deal remains central to preserving performance over the medium and long term.
For international and first-time UK buyers: start with neighbourhood fit
One of Ashley’s most practical points was about avoiding costly mistakes, particularly for overseas buyers and family offices entering the UK market for the first time. London is not one market; it is many micro-markets. Spending a few nights in a hotel is very different from living in a neighbourhood day-to-day.
Ashley emphasised stripping the search back early and focusing first on where the buyer wants to live. Lifestyle factors such as schools, community, green space, walkability, privacy, and the day-to-day rhythm of an area should be clarified before looking at properties in detail.
This matters because, at the top end, choosing the wrong area can be a very expensive mistake financially, and it can also undermine long-term suitability and enjoyment.
Front-loading due diligence – beyond the building itself
Ashley also highlighted an often underestimated part of the process: local due diligence that goes beyond title and survey. For example, understanding what is happening in the immediate vicinity, whether there are likely basement excavations nearby, who the neighbours are, and what might affect quiet enjoyment.
These details can sound minor until they become real. For family offices deploying significant capital, doing this work early helps reduce risk and ensures buyers go in with their eyes open.
Refurbishment appetite has changed – but sometimes the asset forces the decision
Ashley observed that “building the dream home” went off trend for a period, driven by rising labour costs, contractor availability, and longer, riskier timeframes. Many buyers prefer homes that require less heavy lifting.
However, he also made an important point: in Prime Central London, compromise is limited. You can change finishes, but you cannot change fundamentals like location, aspect, and space. As a result, buyers may still find themselves undertaking meaningful refurbishment in order to secure the right trophy asset in the right place.
The two questions that matter most: how long, and how much?
When a property needs work, Ashley said buyers tend to ask the same two questions early: how long will it take, and how much will it cost? Only then can a family office judge whether the plan correlates with the investment case and whether the property represents value once works are factored in.
This is also where trusted advisers matter. Early feasibility, cost discipline, and realistic timings can prevent value erosion through overspending, even when the acquisition price is strong.
Where Middleton can help
Ashley’s themes come back to the same fundamentals: clarity, preparation, and informed decision-making. In a market where competition can return quickly for best-in-class stock, being ready is often the difference between securing the right asset and missing it.
Middleton supports family offices and international buyers across defining objectives and neighbourhood strategy, sourcing best-in-class and off-market opportunities, negotiating effectively, front-loading due diligence, and coordinating trusted professional teams when works are required.
If you would like to discuss a Prime Central London acquisition strategy for 2026-whether for a principal home, a UK foothold, or long-term investment-please get in touch with our London Buying team.
Watch the full recording here.
