Buyer demand for prime property in London rose by 2.7% in Q4 2024, according to the Prime London Demand Index from Benham and Reeves.
Overall, demand increased by 1.6% across the super prime market, which includes properties over £10m.
The index found that 19.7% of prime properties, defined as those priced between £2m and £10m, had secured a buyer in Q4 2024.
Wapping saw the largest quarterly increase in demand, at 18.8%.
Other areas with notable increases included Putney at 11.7%, Clapham at 9%, Islington at 7%, and Chiswick at 6%.
For the super prime market, 4.1% of available properties found a buyer in Q4 2024, representing a 1.6% rise from the previous quarter and a 2.5% increase compared to Q4 2023.
Wimbledon experienced the largest quarterly jump in super prime buyer demand, rising by 50% from Q3 2024.
Notting Hill increased by 6.3%, Holland Park by 4.3%, Mayfair by 3.4%, and Kensington by 0.3%.
Marc von Grundherr, director of Benham and Reeves, said: “We saw a significant increase in buyer demand levels across the prime London market during the final quarter of last year, with more homes going under offer across both the prime and super prime markets when compared to Q3.
“This is despite the fact that second home stamp duty rates increased immediately following the Autumn Statement at the end of October.
von Grundherr added: “Of course, the real motivator isn’t the increase on second homes, it’s the soon to expire relief thresholds that will revert back to previous come 1st April next.
“Stamp duty is a rather sizable charge on a prime London home and so it’s no surprise that high-end buyers are as keen to beat the countdown as any other buyer in the London market.”
