Property | 4 February 2025
Coutts London Prime Property Index Q4 2024:
Super prime market shines
Our data finds a flourishing market for London’s super prime property – homes worth £10 million or more – despite tax changes announced in the government’s Autumn Budget. It also reveals more properties sold and significant discounts among those priced at £1 million or more.
Key stats
8.9%
Average discount negotiated by buyers for London prime property
76%
Percentage of properties sold at a discount to asking price
31%
Rise in sales volumes compared to previous year
The number of super prime properties sold in London in the last three months of 2024 more than doubled compared to the same period the previous year – despite changes announced in the government’s Autumn Budget.
Chancellor Rachel Reeves announced plans to abolish non-domicile (‘non-dom’) tax status for people from overseas, which had wide-reaching implications for their finances, and increase stamp duty on second homes.
Many commentators predicted these changes would negatively affect activity at the upper end of London’s property market, but the capital’s global appeal appears to have remained intact.
Katherine O’Shea, Coutts Real Estate Director, explains: “London’s attraction for global ultra-high net worth individuals has never been solely about tax efficiency. For buyers in the super prime market, the motive is often strategic and lifestyle driven, rather than purely financial.
“Super prime buyers generally have a longer-term view on their property investments, typically at least 10 years, which ought to be the case when stamp duty is currently maxing out at 19%. Tax changes are therefore just one consideration among many.”
She adds: “The capital still has major draws for international buyers. For business, it’s about the judicial system, time zone, language and international travel connections. And families value the unrivalled education system, comparative security and vast public parks.”
Key stats
Average discount negotiated by buyers for London prime property |
8.9% |
Percentage of properties sold at a discount to asking price |
76% |
Rise in sales volumes compared to previous year |
31% |
The number of super prime properties sold in London in the last three months of 2024 more than doubled compared to the same period the previous year – despite changes announced in the government’s Autumn Budget.
Chancellor Rachel Reeves announced plans to abolish non-domicile (‘non-dom’) tax status for people from overseas, which had wide-reaching implications for their finances, and to increase stamp duty on second homes.
Many commentators predicted these changes would negatively affect activity at the upper end of London’s property market, but the capital’s global appeal appears to have remained intact.
Katherine O’Shea, Coutts Real Estate Director, explains: “London’s attraction for global ultra-high net worth individuals has never been solely about tax efficiency. For buyers in the super prime market, the motive is often strategic and lifestyle driven, rather than purely financial.
“Super prime buyers generally have a longer-term view on their property investments, typically at least 10 years, which ought to be the case when stamp duty is currently maxing out at 19%. Tax changes are therefore just one consideration among many.”
She adds: “The capital still has major draws for international buyers. For business, it’s about the judicial system, time zone, language and international travel connections. And families value the unrivalled education system, comparative security and vast public parks.”
Prime London: More sales and larger discounts
London prime property prices remained unchanged compared to the previous three months but were down 2.9% on the same period in 2023. Prices are now on average 8.4% below the height of the market back in 2014.
Sales volumes rose 31.1% year-on-year and 15% above the 10-year average, demonstrating the market’s current resilience. Meanwhile, average discounts crept up to 8.9%, from 8.6% over the previous three months, with 76% of sales completed at values below the asking price.


Prime London: More sales and larger discounts
London prime property prices remained unchanged compared to the previous three months but were down 2.9% on the same period in 2023. Prices are now on average 8.4% below the height of the market back in 2014.
Sales volumes rose 31.1% year-on-year and 15% above the 10-year average, demonstrating the market’s current resilience. Meanwhile, average discounts crept up to 8.9%, from 8.6% over the previous three months, with 76% of sales completed at values below the asking price.
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