The 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.