Across the prime London market, the average sold price in 2024 was £2.75m – 438% more than the wider London average, the latest research by Benham and Reeves has revealed.
Benham and Reeves analysed sold price records from HM Land Registry, looking at properties to have sold at £2m or more across the prime London market in 2024.
The research showed that across the prime London market as a whole, some 1,591 homes sold for £2m or more in 2024.
When it comes to the sheer level of market activity seen over the past year, the SW6 postcode has proved to be the hottest pocket of the prime London property market.
The Fulham postcode saw some 102 homes sold over the course of 2024 at £2m or more, while the Chelsea postcode of SW3 ranked second with 78 transactions, followed by Barnet’s NW3 postcode with 68 homes sold.
The highest average sold price across all prime London postcodes over the last year is found within the W1B postcode – which runs from Regents Park to Oxford Circus and Piccadilly Circus.
Last year, property sales in the postcode averaged £6.225m.
The WC2H postcode, which straddles Camden and Westminster, was home to the second highest average sold price for homes priced at £2m or more, coming in at £5.19m in 2024.
The SW1W postcode of Westminster ranks third with an average sold price of £4.545m.
However, when it comes to the highest prime London postcode price premium, the E1 postcode of Tower Hamlets topped the table – which includes the city fringe and areas such as Aldgate.
While the average sold price for transactions at £2m or more over the last year sits at just £3.38m, this is some 648% higher than the average price across the wider borough of Tower Hamlets.
Marc von Grundherr, director of Benham and Reeves, said: “Much has been made of the decline in demand for prime London properties but with over 1,500 transactions taking place for £2m or more over the last year, it’s clear that high-end homebuyers still view the capital as a worthwhile investment.
“It’s also interesting to see that whilst the traditional prime heartlands remain the go to for many buyers, there are prime transactions taking place the length and breadth of the capital, with homes selling for £2m or more across the likes of Bromley, Croydon, Havering and Ealing.
“This demonstrates that, whilst the pandemic is thankfully firmly behind us, prime London buyers are continuing to look to the peripherals of the capital in search of larger homes and a greater abundance of outdoor and green space.”
