Demand for prime Chiswick property climbs

Newly released data reveals buyer demand for prime property across London’s most prestigious neighbourhoods.

During the final quarter of 2024, it was up by 2.7%, whilst there was a 1.6% increase across the super prime market. This is according to the latest Prime London Demand Index by Benham and Reeves.

The data shows that across the prime market (£2m to £10m), 19.7% of prime London properties had found a buyer in Q4 2024, marking a 2.7% increase versus the previous quarter.

QUARTERLY INCREASE IN CHISWICK

At 11.7%, Putney has also seen a considerable increase in prime London buyer activity on a quarterly basis, with Clapham (9%), Islington (7%) and Chiswick (6%) completing the top five largest quarterly increases. Wapping tops the table, having seen an 18.8% increase versus Q3.

In the super prime market (£10m+), 4.1% of available properties listed for sale found a buyer in Q4 2024. Not only does this see super prime London property demand climb by 1.6% versus the previous quarter, but it also sits some 2.5% up versus Q4 2023.

SUPER PRIME DEMAND

Wimbledon has seen the largest quarterly increase in super prime buyer 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 improvements.

Director Marc von Grundherr: “We saw a significant increase in buyer demand levels across the prime London market during the final quarter of last year, with more homes going under offer across both the prime and super prime markets when compared to Q3.

“This is despite the fact that second home stamp duty rates increased immediately following the Autumn Statement at the end of October.”

He added: “Of course, the real motivator isn’t the increase on second homes, it’s the soon-to-expire relief thresholds that will revert back to previous on 1 April. Stamp duty is a sizable charge on a prime London home and so it’s no surprise that high-end buyers are as keen to beat the countdown as any other buyer in the London market.”