Back to all Blog 07 January 2025

Prime London property demand ‘rallied’ at the end of 2024

London estate agency reports an increase in top-end buyer demand through Q4.

Buyer demand for homes in London’s most affluent neighbourhoods increased during the closing months of 2024, reports Ian Green Residential, with a higher proportion of open-market listings on Rightmove being marked as Sold in Q4 than in Q3.

In the “prime” price bracket (£2mn-£10mn), the metric picked up by +2.7%, whilst the super-prime (£10mn+) sector saw a +1.6% increase. A fifth (19.7%) of London listings prices between £2mn and £10mn had found a buyer in Q4 2024, up from 18.0% in Q3 – but down by 1% compared to Q4 2023 Breaking it down by area, Wapping saw the largest quarterly increase in demand (+18.8%), while Putney (+11.7%) and Clapham (+9%) also saw notable rises. At the top-end, only 4.1% of super-prime £10mn+ listings had been spoken for in Q4. But that’s still      1.6% higher than than the previous quarter, and 2.5% higher year-on-year. Bearing in mind deal numbers are low so percentage changes can look big: Wimbledon saw the largest quarterly increase in super prime buyer demand, up 50% from Q3 2024. Notting Hill (+6.3%), Holland Park (+4.3%), Mayfair (+3.4%) and Kensington (+0.3%) also recorded quarterly improvements. These trends could signal opportunities in nearby sought-after locations, such as St John’s Wood. Known for its luxurious residences, houses for sale in St John’s Wood are increasingly in demand among affluent buyers seeking prestigious addresses. For those interested in a more compact option, there are also high-end flats for sale in St John’s Wood.  

 

Super-prime market buyer demand (£10mn+)

Proportion of Rightmove listings marked as Sold Subject To Contract
Area Prime category Q4 2024 Q Change Annual change
Wimbledon Prime SW London 50.0% 50.0% x
Notting Hill Prime C London 6.3% 6.3% -2.8%
Holland Park Prime C London 8.0% 4.3% 3.7%
Mayfair Prime C London 9.1% 3.4% 3.4%
Kensington Prime C London 3.1% 0.3% 1.4%
Fitzrovia Prime C London 0.0% 0.0% 0.0%
Maida Vale Prime C London 0.0% 0.0% 0.0%
Regents Park Prime C London 0.0% 0.0% 0.0%
Highgate Prime NW London 0.0% 0.0% 0.0%
Islington Prime N London 0.0% 0.0% x
Putney Prime SW London 0.0% 0.0% 0.0%
Fulham Prime SW London 0.0% 0.0% 0.0%
St John’s Wood Prime C London 6.7% -0.2% 6.7%
Belgravia Prime C London 3.7% -1.3% 1.4%
Hampstead Garden Suburb Prime NW London 6.3% -1.4% 6.3%
Knightsbridge Prime C London 0.0% -2.9% -2.5%
Chelsea Prime C London 0.0% -3.1% -8.5%
Marylebone Prime C London 0.0% -3.2% -2.9%
Victoria Prime C London 2.3% -5.2% 2.3%
Overall average   4.1% 1.6% 2.5%

 

All data sourced from PrimeResi

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