Property | 28 October 2024
Prime London property: Buyers get bigger discounts
The latest Coutts London Prime Property Index reveals prices falling, larger discounts and a notable rise in sales volumes.
Key stats
8.6%
Average discount negotiated by buyers
79%
Percentage of properties sold at a discount to asking price
2.3%
Drop in prices compared to the previous quarter
We’re seeing improving conditions for high-end property buyers in London with asking prices dropping and good discounts negotiated.
From July to September, average discounts rose to 8.6% and 79% of sales were sold below asking price. Overall, prices of high-end properties in the capital fell too, down 2.3%.
These were just some of the findings from the latest Coutts London Prime Property Index (CLPPI), which analyses the market for homes worth £1 million or more. This latest edition covers Q3 2024.
Key stats
Average discount negotiated by buyers |
8.6% |
Percentage of properties sold at a discount to asking price |
79% |
Drop in prices compared to the previous quarter |
2.3% |
We’re seeing improving conditions for high-end property buyers in London with asking prices dropping and good discounts negotiated.
From July to September, average discounts rose to 8.6% and 79% of sales were sold below asking price. Overall, prices of high-end properties in the capital fell too, down 2.3%.
These were just some of the findings from the latest Coutts London Prime Property Index (CLPPI), which analyses the market for homes worth £1 million or more. This latest edition covers Q3 2024.
sales rise as mortgage market improves
Katherine O’Shea, Coutts Real Estate Director, said sales volumes had risen 7.2% in Q3 compared to the previous three months.
“They’re also up 14% on the 10-year average, demonstrating the resilience of the prime London property market,” she said.
Katherine added the mortgage market was “slowly improving” which should help boost sales further. The Bank of England cut interest rates in August to 5%, and the market expects rates to come closer to 3.5% this time next year.
sales rise as mortgage market improves
Katherine O’Shea, Coutts Real Estate Director, said sales volumes had risen 7.2% in Q3 compared to the previous three months.
“They’re also up 14% on the 10-year average, demonstrating the resilience of the prime London property market,” she said.
Katherine added the mortgage market was “slowly improving” which should help boost sales further. The Bank of England cut interest rates in August to 5%, and the market expects rates to come closer to 3.5% this time next year.
Those who rely on public listings could miss out
New prime properties put up for sale fell 14% compared to the previous quarter, but this is pretty normal for the summer. Across prime London the number of properties made available was up 8% annually – more good news for buyers.
But Katherine said it can be challenging to find “best-in-class” property if merely relying on public listings.
“Clients and agents tell us the best properties are sold privately or pre-marketed to buying agents,” she said. “So unrepresented buyers could miss out on opportunities.”
Local insights
Here are some standout findings from the latest CLPPI.
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