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Home Press releasesProperty marketSuper wealthy homebuyers are returning to London’s super prime market

Super wealthy homebuyers are returning to London’s super prime market

Super wealthy homebuyersThe latest research by London lettings and estate agent, Benham and Reeves, reveals that super prime sellers are returning to London’s housing market as listings of homes valued at £10m+ increase by 5.1% on the year.

Benham and Reeves has analysed current residential listings of prime (£2m-10m) and super prime (£10m+) homes in London and compared today’s figures to those from this time last year to gain insight into the annual change in stock availability as the economic woes of 2023 begin to pass.

The Benham and Reeves data reveals that the current number of super prime listings in London is 5.1% higher than it was this time last year with 431 homes listed on the market for £10m or more, up from 410 annually.

Key areas of super prime growth in London

The biggest annual increase has been seen in Highgate where the number of homes listed for sale with a value of £10m+ has increased from 2 to 5. While this may seem like a small uplift, it’s very much a case of quality of quantity across the super prime market and this rise represents an annual increase of 150% in available stock – the strongest growth in London.

In Holland Park, there are now 23 super prime homes for sale which represents an annual uptick of 43.8%, while Belgravia has seen an increase of 32.4%.

Other London markets to see an increase in super prime listings in the past year are Fitzrovia (20%), Chelsea (11.9%), Victoria (11.5%), Mayfair (10.4%), and Kensington (5.2%).

Muted prime market

When it comes to London’s core prime market of homes valued between £2m-£10m, the outlook is slightly more muted with listings staying largely static year on year.

The current number of prime listings is 4,832 compared to 4,826 last year, which marks an annual increase of just 0.1%.

There are, however, some London markets where prime listings have seen strong annual growth.

Clapham leads the pack with the number of prime listings rising from 37 to 55 which is an annual increase of 48.6%.

Wandsworth has seen an increase of 34.2%, while Highgate listings are up 25.6%.

Other London markets to see an annual increase in prime listings of 10% or more are Victoria (15.3%), Hampstead Garden Suburbs (14.5%), Belgravia (14.2%), Barnes (13.5%), Mayfair (13%), and Battersea (11.1%).

Director of Benham and Reeves, Marc von Grundherr, commented:

“Broad economic uncertainty is as much a deterrent to the super-wealthy homebuyer as it is the average buyer and in recent market conditions, sellers at all levels of the market have been sitting tight and waiting for the UK’s economic picture to improve.

But improve it has, and buyers are now returning, tempted by greater improving market stability following four consecutive decisions to keep interest rates frozen.

In response, sellers are also returning in order to capitalise on this growing level of market activity and we’ve seen a notable increase in for sale stock levels across numerous prime London neighbourhoods.

This should help breathe new life into the prime London market and the predominant opinion is that 2024 should be a strong year across the top tiers of the London market.”

Table shows the annual change in prime (£2-£10m) London residential listings
Area Prime category Total – Q4 2022 Total – Q4 2023 Annual change %
Clapham Prime SW London 37 55 48.6%
Wandsworth Prime SW London 38 51 34.2%
Highgate Prime NW London 39 49 25.6%
Victoria Prime C London 262 302 15.3%
Hampstead Garden Suburb Prime NW London 83 95 14.5%
Belgravia Prime C London 240 274 14.2%
Barnes Prime SW London 37 42 13.5%
Mayfair Prime C London 184 208 13.0%
Battersea Prime SW London 162 180 11.1%
Chelsea Prime C London 467 510 9.2%
Holland Park Prime C London 207 220 6.3%
Kensington Prime C London 617 639 3.6%
St John’s Wood Prime C London 204 210 2.9%
Islington Prime N London 108 110 1.9%
Knightsbridge Prime C London 309 314 1.6%
Maida Vale Prime C London 66 67 1.5%
Marylebone Prime C London 496 480 -3.2%
Fulham Prime SW London 160 152 -5.0%
Fitzrovia Prime C London 186 175 -5.9%
Wimbledon Prime SW London 127 108 -15.0%
Canary Wharf Prime E London 24 20 -16.7%
Chiswick Prime SW London 60 48 -20.0%
Pimlico Prime C London 179 142 -20.7%
Wapping Prime E London 22 17 -22.7%
Regents Park Prime C London 70 52 -25.7%
Putney Prime SW London 59 43 -27.1%
Notting Hill Prime C London 276 201 -27.2%
Richmond Prime SW London 107 68 -36.4%
Est PCL total Overall 4826 4832 0.1%
Table shows the annual change in prime (£2-£10m) London residential listings
Area Prime category Total – Q4 2022 Total – Q4 2023 Annual change %
Islington Prime N London 0 0 N/a
Wapping Prime E London 0 0 N/a
Canary Wharf Prime E London 0 0 N/a
Clapham Prime SW London 0 1 N/a
Wandsworth Prime SW London 0 0 N/a
Barnes Prime SW London 0 1 N/a
Richmond Prime SW London 0 1 N/a
Highgate Prime NW London 2 5 150.0%
Holland Park Prime C London 16 23 43.8%
Belgravia Prime C London 34 45 32.4%
Fitzrovia Prime C London 5 6 20.0%
Chelsea Prime C London 42 47 11.9%
Victoria Prime C London 26 29 11.5%
Mayfair Prime C London 48 53 10.4%
Kensington Prime C London 58 61 5.2%
Knightsbridge Prime C London 40 40 0.0%
Marylebone Prime C London 34 34 0.0%
Notting Hill Prime C London 11 11 0.0%
Hampstead Garden Suburb Prime NW London 15 15 0.0%
St John’s Wood Prime C London 32 30 -6.3%
Regents Park Prime C London 24 19 -20.8%
Battersea Prime SW London 3 2 -33.3%
Putney Prime SW London 3 2 -33.3%
Fulham Prime SW London 2 1 -50.0%
Maida Vale Prime C London 9 4 -55.6%
Pimlico Prime C London 3 1 -66.7%
Wimbledon Prime SW London 1 0 -100.0%
Chiswick Prime SW London 2 0 -100.0%
Est PCL total Overall 410 431 5.1%


Prime London listings -annual change
Prime and super prime London listings data sourced from Rightmove and Benhams and Reeves (historic demand indicies)

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About the Author

Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 21 prominently located branches and 14 international offices.

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