A growing number of London’s richest homebuyers are choosing to rent rather than buy as high interest rates and a tough tax environment curb investment.

Billionaires and multi-millionaires purchased £340 million ($427 million) worth of London homes valued above £15 million between January and June, equating to an average of two deals per month, according to a report by luxury broker Beauchamp Estates based on data from LonRes and Wealth-X. That’s down from over £400 million worth of sales in the first half of 2022, and £514 million in a six-month post-lockdown period during 2021.