Prime Property in 2024: A Year of Contrasts and Change
As we look back on 2024, it’s clear the prime property space (£750k+) has had an intriguing year. From market share shifts to the evolving media landscape, the data tells a story of resilience, recalibration, and opportunity.
The Numbers Behind the Narrative
Prime properties made up 11% of the market but delivered a staggering 25% of the total value of all instructions and an eye-watering 53% of potential fee income. In simple terms, more than half of the sector's fee potential came from just over one in ten properties.
However, the super-prime market (£5m+) is where things truly defy gravity. These rarefied transactions represented just 0.2% of properties but commanded 5% of the pound value and 9% of the fee income. To borrow from Churchill, never in the history of property sales was so much earned by so few (data TwentyEA 12 months to 15th December).
Yet, even in this rarefied air, the sands are shifting. The top ten prime players collectively lost 8% market share, with notable names like Knight Frank and Foxtons seeing declines of over 15% each. In contrast, relative newcomers like DDRE Global climbed the ranks, spurred by media buzz and Netflix-worthy storytelling.
Prime Property Market Predictions for 2025
Knight Frank
- Prime Central London (PCL): +2% growth
- Prime Outer London (POL): +2.5% growth
- Prime Country: +2% growth
Knight Frank anticipates cumulative growth of 21.6% between 2025 and 2029 in Prime Central London, outperforming other markets.
Savills
- Prime Central London: -4% decline
- Prime regional markets: +2% growth
- Outer prime London: Projected 14.7% growth over five years
Savills highlights tax policy as a key disruptor, especially in Central London, though regional prime markets appear more robust.
Strutt & Parker
- Recovery in Prime Central London
- Continued improvement in the national prime market, particularly sub-£2.5m properties
- Stable demand for properties over £5m
Hamptons
- UK-wide market: Predicted +3% price growth
- London expected to outperform other regions, suggesting positive trends for prime properties.
Thematic Trends
- Growth Divergence: While PCL may struggle, outer London and regional markets show promise.
- Taxation Impacts: Stamp duty and policies targeting non-domiciled residents loom large.
- Lifestyle Shifts: Demand for family-friendly, schooling-accessible properties outside London is growing.
- Recovery Begins: Improving economic conditions could mark the start of a new cycle.
Marketing in the Prime Sector: 2024 in Review
Prime property marketing in 2024 was equally dynamic. LinkedIn maintained its status as the platform of choice for reaching prime homeowners, while Blogs continued to dominate their engagement (YouGov).
Meanwhile, influencer marketing reached new heights for most, with 84% of marketers increasing spending in this area, while prime homeowners remained aloof and uninfluenced. AI reshaped campaigns through deeper personalisation and faster analytics, and social shopping became a growing force as social media platforms doubled down on e-commerce.
Creative Highlights
- Michael CeraVe Campaign: A masterclass in blending satire with brand messaging.
- Oslo Tourism’s “Is it even a city?”: A bold anti-marketing campaign that had everyone talking.
- Jaguar’s Rebrand: Polarised opinion and dropped UK brand consideration by 21%, sparking fierce debate.
Looking Ahead
The prime property market has always been a bellwether for economic trends, and 2024 proved no different. As 2025 unfolds, one thing is certain: opportunity will favour the bold, whether you’re adapting to market shifts, embracing digital innovation, or simply responding to the enduring demand for the extraordinary.
For those who want to shape the narrative, contribute to The Voice of the Agent and help us build the next round of insights. Take part here: The Voice of the Agent Survey.
In a year where so much was earned by so few, the stage is set for a fascinating year ahead. Are you ready?
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