Coutts London prime property index q4 2024:

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 yearThe 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.” 

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. 

Here are some notable area-specific findings from the latest CLPPI. You can see a thorough breakdown of the most relevant facts at the postcode selector link below.

Significant value for money in central London

• Prices in Chelsea are still 20.2% below the height of the market, following price falls of 6.9% in the last year
• Prices in South Kensington are still 19.4% below the height of the market, following price falls of 2.8% in the last year
• Prices in Mayfair & St James’s are still 16.9% below the height of the market, despite 5.5% growth in the last year

Falling prices and weak sterling create opportunities for dollar-based buyers

• US dollar buyers in Chelsea are getting a 44% discount on 2014 prices
• US dollar buyers in South Kensington are getting a 43.4% discount on 2014 prices
• US dollar buyers in Mayfair & St James’s are getting a 40.9% discount on 2014 prices

The most popular areas for super prime property

Super prime activity was strongest in Kensington and Notting Hill & Holland Park, closely followed by Knightsbridge & Belgravia. In addition, Mayfair & St James’s and Hampstead & Highgate also saw strong super prime sales volumes.

Take a look at our postcode selector tool for a detailed look at the London prime property market area-by-area. 

Our real estate team and bespoke mortgage service could help you find and buy your perfect property – even before it’s on the market. Our service also includes helping you negotiate a good deal. 

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