The ultra-prime end of the UK property market — homes typically valued above £10 million — is staging a marked recovery, driven overwhelmingly by American and Gulf-based buyers exploiting currency advantages and London's enduring status as a haven for capital. After eighteen months of subdued activity following the abolition of non-dom tax status and successive rounds of stamp duty surcharges, agents in Mayfair, Knightsbridge and Belgravia report a fresh wave of enquiries from dollar-denominated purchasers, many taking advantage of sterling's relative weakness against the dollar to secure properties at what amounts to a 15-20% discount compared with 2021 valuations in currency-adjusted terms.