Purchaser demand for prime property throughout London’s most prestigious neighbourhoods climbed through the closing quarter of 2024, up by 2.7%, while there was a 1.6% improve throughout the tremendous prime market. That is in response to the newest Prime London Demand Index by London lettings and property agent, Benham and Reeves.
The newest index reveals that throughout the prime market (£2m to £10m), 19.7% of prime London properties had discovered a purchaser in This fall 2024, marking a 2.7% improve versus the earlier quarter.
Wapping tops the desk the place the biggest improve in quarterly demand is anxious, having seen an 18.8% improve versus Q3.
At 11.7%, Putney has additionally seen a substantial improve in prime London purchaser exercise on a quarterly foundation, with Clapham (9%), Islington (7%) and Chiswick (6%) finishing the highest 5 largest quarterly will increase.
Within the tremendous prime market (£10m+), 4.1% of accessible properties listed on the market discovered a purchaser in This fall 2024. Not solely does this see tremendous prime London property demand climb by 1.6% versus the earlier quarter, nevertheless it additionally sits some 2.5% up versus This fall 2023.
Wimbledon has seen the biggest quarterly improve in tremendous prime purchaser demand, up 50% versus Q3 2024, with Notting Hill (6.3%), Holland Park (4.3%), Mayfair (3.4%) and Kensington (0.3%) all seeing quarterly enhancements.
Commenting on the newest figures Benham and Reeves director Marc von Grundherr mentioned: “We noticed a big improve in purchaser demand ranges throughout the prime London market through the closing quarter of final yr, with extra properties going beneath provide throughout each the prime and tremendous prime markets when in comparison with Q3.
“That is even if second house stamp obligation charges elevated instantly following the Autumn Assertion on the finish of October.”
He added: “After all, the true motivator isn’t the rise on second properties, it’s the soon-to-expire aid thresholds that can revert again to earlier come 1 April subsequent. Stamp obligation is a quite sizable cost on a main London house and so it’s no shock that high-end consumers are as eager to beat the countdown as every other purchaser within the London market.”
