{"id":1696,"date":"2024-09-24T09:40:50","date_gmt":"2024-09-24T08:40:50","guid":{"rendered":"https:\/\/www.benhams.com\/press-release\/?p=1696"},"modified":"2025-01-21T09:21:30","modified_gmt":"2025-01-21T09:21:30","slug":"prime-london-demand-falls-in-q3-as-wealthy-buyers-await-labour-tax-plans","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/press-release\/london-property-market\/prime-london-demand-falls-in-q3-as-wealthy-buyers-await-labour-tax-plans\/","title":{"rendered":"Prime London demand falls in Q3 as wealthy buyers await Labour tax plans"},"content":{"rendered":"

\"PrimeThe latest Prime London Demand Index by London lettings and estate agent, Benham and Reeves, reveals that demand for prime property in the capital fell by -2.5% in the third quarter of this year, somewhat dampening the good mood brought on by a promising uptick in Q2. But super prime demand has actually seen demand increase.<\/p>\n

The Prime London Demand Index by Benham and Reeves monitors demand for London\u2019s most expensive properties based on the level of market activity seen between the \u00a32m to \u00a310m threshold and the super prime market of \u00a310m+. Demand is based on the proportion of all homes listed for sale across the prime market that have already been sold subject to contract. <\/p>\n

Prime market (\u00a32m to \u00a310m)<\/strong><\/p>\n

The latest index shows that across the prime market (\u00a32m to \u00a310m), 16.9% of prime London properties had found a buyer in Q3 2024, marking a -2.5% drop in demand compared to the second quarter of the year. Prime demand also remains -2.6% down on the year, but this is an improvement from the previous quarter when annual demand was down -3.8%. <\/a>
\nHaving topped the table for Q2 quarterly growth, Hampstead once again recorded the strongest demand increase in Q3, rising by a further +4% to sit at 19.6%.
\nRichmond recorded quarterly growth of +2.2%, followed by Pimlico (+1%), Clapham (+0.1%), and Marylebone (+0.1%). These are, however, the only prime markets to record an uptick in demand.
\nBuyer appetite reduced most significantly in Battersea (-7.8%), Chiswick (-7.6%), and Islington (-7.6%). <\/p>\n

Super prime market (\u00a310m+)<\/strong><\/p>\n

At the very top of London\u2019s property ladder, just 2.6% of available properties had found a buyer in Q3 2024. This does, however, mark a demand increase of +0.4% compared to the previous quarter, but still remains -2.6% down on the year.
\nVictoria recorded the largest quarterly increase in super prime demand, rising by +3.1%, while Knightsbridge (+2.9%), Belgravia (+2.3%), Kensington (+1.5%), Mayfair (+0.6%), Marylebone (+0.4%), St. John\u2019s Wood (+0.2%), and Holland Park (+0.1%) also saw quarterly upticks in demand.
\nThe largest quarterly drops in super prime demand were recorded in Chelsea (-2.3%) and Hampstead (-1.8%).<\/p>\n

Director of Benham and Reeves, Marc von Grundherr, commented<\/strong><\/p>\n

\u201cLondon\u2019s prime market is a step removed from the general housing market, and so it rarely moves in line with the capital\u2019s overall narrative. While the new Labour government might be bringing a new sense of optimism and security to prospective buyers elsewhere on the market, Keir Starmer\u2019s promises to target wealth as a way of increasing funding for public services is likely a major reason for a decline in demand in London\u2019s prime market.<\/p>\n

Labour plans to penalise wealth through things like a hike in Capital Gains Tax and an overhaul of Inheritance Tax legislation, both of which are major considerations for wealthy property buyers looking to spend multi millions on a home. There remains uncertainty around the exact scale of Labour\u2019s changes, so it\u2019ll be interesting to observe prime demand after the government\u2019s full hand is revealed during the Autumn Budget on 30th October.\u201d<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Prime London Market – \u00a32m plus\n <\/th>\n<\/tr>\n
\n Table shows demand for prime London property \u00a32m plus in Q3 2024, alongside quarterly and annual change\n <\/th>\n<\/tr>\n
Area<\/th>\nPrime category<\/th>\nQ3 2024<\/th>\nQ Change<\/th>\nAnnual change<\/th>\n<\/tr>\n
Hampstead<\/td>\nPrime NW London<\/td>\n19.6%<\/td>\n4.0%<\/td>\n2.6%<\/td>\n<\/tr>\n
Richmond<\/td>\nPrime SW London<\/td>\n32.9%<\/td>\n2.2%<\/td>\n10.0%<\/td>\n<\/tr>\n
Pimlico<\/td>\nPrime C London<\/td>\n13.7%<\/td>\n1.0%<\/td>\n4.1%<\/td>\n<\/tr>\n
Clapham<\/td>\nPrime SW London<\/td>\n36.8%<\/td>\n0.1%<\/td>\n-10.6%<\/td>\n<\/tr>\n
Marylebone<\/td>\nPrime C London<\/td>\n7.2%<\/td>\n0.1%<\/td>\n0.8%<\/td>\n<\/tr>\n
Wapping<\/td>\nPrime E London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n-5.3%<\/td>\n<\/tr>\n
Fitzrovia<\/td>\nPrime C London<\/td>\n4.3%<\/td>\n-0.2%<\/td>\n-3.8%<\/td>\n<\/tr>\n
Knightsbridge<\/td>\nPrime C London<\/td>\n9.9%<\/td>\n-0.4%<\/td>\n-0.5%<\/td>\n<\/tr>\n
Victoria<\/td>\nPrime C London<\/td>\n9.9%<\/td>\n-0.5%<\/td>\n-2.3%<\/td>\n<\/tr>\n
St John\u2019s Wood<\/td>\nPrime C London<\/td>\n12.4%<\/td>\n-0.6%<\/td>\n5.7%<\/td>\n<\/tr>\n
Belgravia<\/td>\nPrime C London<\/td>\n8.0%<\/td>\n-1.0%<\/td>\n-2.9%<\/td>\n<\/tr>\n
Maida Vale<\/td>\nPrime C London<\/td>\n9.9%<\/td>\n-1.1%<\/td>\n-3.4%<\/td>\n<\/tr>\n
Kensington<\/td>\nPrime C London<\/td>\n9.9%<\/td>\n-1.5%<\/td>\n-2.2%<\/td>\n<\/tr>\n
Wimbledon<\/td>\nPrime SW London<\/td>\n27.2%<\/td>\n-1.5%<\/td>\n-8.0%<\/td>\n<\/tr>\n
Holland Park<\/td>\nPrime C London<\/td>\n11.7%<\/td>\n-2.0%<\/td>\n-2.0%<\/td>\n<\/tr>\n
Chelsea<\/td>\nPrime C London<\/td>\n11.2%<\/td>\n-2.4%<\/td>\n-1.2%<\/td>\n<\/tr>\n
Canary Wharf<\/td>\nPrime E London<\/td>\n9.5%<\/td>\n-2.5%<\/td>\n2.4%<\/td>\n<\/tr>\n
Notting Hill<\/td>\nPrime C London<\/td>\n14.9%<\/td>\n-3.1%<\/td>\n-1.8%<\/td>\n<\/tr>\n
Barnes<\/td>\nPrime SW London<\/td>\n34.3%<\/td>\n-3.8%<\/td>\n1.0%<\/td>\n<\/tr>\n
Putney<\/td>\nPrime SW London<\/td>\n25.6%<\/td>\n-4.0%<\/td>\n-12.6%<\/td>\n<\/tr>\n
Regents Park<\/td>\nPrime C London<\/td>\n7.8%<\/td>\n-5.1%<\/td>\n-3.9%<\/td>\n<\/tr>\n
Fulham<\/td>\nPrime SW London<\/td>\n17.9%<\/td>\n-5.2%<\/td>\n-1.8%<\/td>\n<\/tr>\n
Mayfair<\/td>\nPrime C London<\/td>\n5.1%<\/td>\n-5.4%<\/td>\n-4.6%<\/td>\n<\/tr>\n
Wandsworth<\/td>\nPrime SW London<\/td>\n30.4%<\/td>\n-6.2%<\/td>\n-3.4%<\/td>\n<\/tr>\n
Highgate<\/td>\nPrime NW London<\/td>\n29.2%<\/td>\n-6.7%<\/td>\n-9.4%<\/td>\n<\/tr>\n
Islington<\/td>\nPrime N London<\/td>\n35.2%<\/td>\n-7.6%<\/td>\n-1.0%<\/td>\n<\/tr>\n
Chiswick<\/td>\nPrime SW London<\/td>\n26.6%<\/td>\n-7.6%<\/td>\n-15.2%<\/td>\n<\/tr>\n
Battersea<\/td>\nPrime SW London<\/td>\n13.0%<\/td>\n-7.8%<\/td>\n-4.7%<\/td>\n<\/tr>\n
Overall average<\/strong><\/td>\n16.9%<\/strong><\/td>\n-2.5%<\/strong><\/td>\n-2.6%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Super Prime London Market – \u00a310m plus\n <\/th>\n<\/tr>\n
\n Table shows demand for super prime London property \u00a310m plus in Q3 2024, alongside quarterly and annual change\n <\/th>\n<\/tr>\n
Area<\/th>\nPrime category<\/th>\nQ3 2024<\/th>\nQ Change<\/th>\nAnnual change<\/th>\n<\/tr>\n
Pimlico<\/td>\nPrime C London<\/td>\nx<\/td>\nx<\/td>\nx<\/td>\n<\/tr>\n
Wapping<\/td>\nPrime E London<\/td>\nx<\/td>\nx<\/td>\nx<\/td>\n<\/tr>\n
Canary Wharf<\/td>\nPrime E London<\/td>\nx<\/td>\nx<\/td>\nx<\/td>\n<\/tr>\n
Battersea<\/td>\nPrime SW London<\/td>\nx<\/td>\nx<\/td>\nx<\/td>\n<\/tr>\n
Clapham<\/td>\nPrime SW London<\/td>\nx<\/td>\nx<\/td>\nx<\/td>\n<\/tr>\n
Wandsworth<\/td>\nPrime SW London<\/td>\nx<\/td>\nx<\/td>\nx<\/td>\n<\/tr>\n
Putney<\/td>\nPrime SW London<\/td>\n0.0%<\/td>\nx<\/td>\n0.0%<\/td>\n<\/tr>\n
Fulham<\/td>\nPrime SW London<\/td>\n0.0%<\/td>\nx<\/td>\n0.0%<\/td>\n<\/tr>\n
Barnes<\/td>\nPrime SW London<\/td>\nx<\/td>\nx<\/td>\nx<\/td>\n<\/tr>\n
Chiswick<\/td>\nPrime SW London<\/td>\nx<\/td>\nx<\/td>\nx<\/td>\n<\/tr>\n
Richmond<\/td>\nPrime SW London<\/td>\nx<\/td>\nx<\/td>\nx<\/td>\n<\/tr>\n
Victoria<\/td>\nPrime C London<\/td>\n7.5%<\/td>\n3.1%<\/td>\n-4.0%<\/td>\n<\/tr>\n
Knightsbridge<\/td>\nPrime C London<\/td>\n2.9%<\/td>\n2.9%<\/td>\n0.7%<\/td>\n<\/tr>\n
Belgravia<\/td>\nPrime C London<\/td>\n5.0%<\/td>\n2.3%<\/td>\n-5.2%<\/td>\n<\/tr>\n
Kensington<\/td>\nPrime C London<\/td>\n2.8%<\/td>\n1.5%<\/td>\n-2.6%<\/td>\n<\/tr>\n
Mayfair<\/td>\nPrime C London<\/td>\n5.7%<\/td>\n0.6%<\/td>\n3.8%<\/td>\n<\/tr>\n
Marylebone<\/td>\nPrime C London<\/td>\n3.2%<\/td>\n0.4%<\/td>\n-1.3%<\/td>\n<\/tr>\n
St John\u2019s Wood<\/td>\nPrime C London<\/td>\n6.9%<\/td>\n0.2%<\/td>\n6.9%<\/td>\n<\/tr>\n
Holland Park<\/td>\nPrime C London<\/td>\n3.7%<\/td>\n0.1%<\/td>\n3.7%<\/td>\n<\/tr>\n
Fitzrovia<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n-12.5%<\/td>\n<\/tr>\n
Maida Vale<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Notting Hill<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n-12.5%<\/td>\n<\/tr>\n
Regents Park<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Highgate<\/td>\nPrime NW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Islington<\/td>\nPrime N London<\/td>\n0.0%<\/td>\n0.0%<\/td>\nx<\/td>\n<\/tr>\n
Wimbledon<\/td>\nPrime SW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Hampstead<\/td>\nPrime NW London<\/td>\n7.7%<\/td>\n-1.8%<\/td>\n1.0%<\/td>\n<\/tr>\n
Chelsea<\/td>\nPrime C London<\/td>\n3.1%<\/td>\n-2.3%<\/td>\n3.1%<\/td>\n<\/tr>\n
Overall average<\/strong><\/td>\n2.6%<\/strong><\/td>\n0.4%<\/strong><\/td>\n-2.6%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

<\/p>\n

\n The Prime London Demand Index by Benham and Reeves monitors demand for London\u2019s most expensive properties based on the level of market activity seen between the \u00a32m to \u00a310m threshold and the super prime market of \u00a310m+. Demand is based on the proportion of all homes listed for sale across the prime market that have already been sold subject to contract.
\n Demand data sourced from Rightmove (18\/09\/2024)<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The latest Prime London Demand Index by London lettings and estate agent, Benham and Reeves, reveals that demand for prime property in the capital fell by -2.5% in the third quarter of this year, somewhat dampening the good mood brought on by a promising uptick in Q2. But super prime demand has actually seen demand … <\/p>\n

Continue reading “Prime London demand falls in Q3 as wealthy buyers await Labour tax plans”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1697,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[463],"tags":[],"class_list":["post-1696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london-property-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1696","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/comments?post=1696"}],"version-history":[{"count":3,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1696\/revisions"}],"predecessor-version":[{"id":1804,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1696\/revisions\/1804"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media\/1697"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media?parent=1696"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/categories?post=1696"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/tags?post=1696"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}