Summary
In 2024, activity in the prime property market was impacted by economic and political uncertainty. Although interest rates began to fall, buyers and sellers remained cautious ahead of post-election tax changes.
Our index shows that there were significant differences in the state of the prime property market between the Home Counties when comparing listing volumes, time on the market and the level of price reduction achieved on homes over £1m. Within Greater London, there were also differences between key postcodes. This meant that buyers could benefit from being flexible in their choice of location.
Key figures in the Home Counties
22,354
£200k
35 days
£92 per sq ft
£23,011
Key trends
The prime market was most active in Surrey and Hertfordshire
Between 1 December 2023 and 1 December 2024, a total of 22,354 prime properties were listed for sale in the Home Counties. Nearly a quarter of all new listings were in Surrey (5,540), with relatively high levels of stock also recorded in Hertfordshire (3,079).
Although there were more prime properties available in these areas, the average time on the market was shortest, at 86 days. This shows that there was more buyer demand too.
Economic events weighed on sellers’ minds
Overall, the timing of listings suggests that economic events influenced seller behaviour. Following the Bank of England base rate cut in August 2024 there was a 65% month-on-month increase in the number of properties listed for sale. However, listing volumes fell by 39% in October, ahead of the Autumn Budget in which tax rises were expected.

Across the board, prices were heavily discounted, and buyers could achieve a good deal. The average price reduction during a listing period in the Home Counties was £150,065 or 9%. The largest average discount on listing price was reported in Kent (10%).
Buyers saved thousands of pounds by being flexible on choice of county...
Prime properties in the Home Counties cost an average of 19% less than in Greater London. However, there was a £200,000 difference between the average price in the most and least expensive counties. Homes in Surrey commanded the highest average selling price (£1.55m) while homes in East Sussex had the lowest (£1.35m).
...and there was room to negotiate
Across the board, prices were heavily discounted, and buyers could achieve a good deal. The average price reduction during a listing period in the Home Counties was £150,065, or 9%. Discounts in Hertfordshire and Surrey were closer to 8%, in keeping with the faster selling times in these areas. Meanwhile, the largest average discount on listing prices was reported in Kent (10%).
It was possible to double your floor space
Finally, with prime property in Greater London costing £1,299 per square foot on average, a move to the Home Counties offered more than twice the space for the same budget. For those looking for added value, the cost per square foot ranged from £501 in Kent to £593 in Surrey.
Key figures in Greater London
£1.82m
£200,100
£1,299
30,556
100 days
Key trends
There was more choice south of the river...
To understand more about the property market in Greater London, we also analysed activity in eight London postcodes that were chosen by Investec clients: SW6 (Fulham), SW11 (Battersea), NW3 (Hampstead), NW8 (St John's Wood), W11 (Notting Hill), W2 (Bayswater), W8 (Kensington) and SW3 (Chelsea).*
In our sample of 5,320 listings, the data showed that there were more than double the number of prime properties on the market in South West London postcodes such as SW11 (968) and SW6 (932) than in W11, where 399 homes were listed for sale last year.
...but property sold more quickly
Although there was greater availability of prime property in SW11 (Battersea) and SW6 (Fulham), homes also sold more quickly in these locations. While the average time on the market across Greater London was 100 days, it was 97 days in SW11 and 87 days in SW6.
Sales of £1m+ homes were even faster in NW3 (Hampstead), where they took an average of 79 days. But this trend looks to have been supported by a more significant average price reduction of 11%.
More space was available within walking distance...
It was possible to achieve significantly more space for the same budget by moving locally. Space in SW6 (Fulham) was £779 per square foot cheaper than in neighbouring SW3 (Chelsea), where the average price per square foot was £1,934.

Although there was greater availability of prime property in SW11 (Battersea) and SW6 (Fulham), homes also sold more quickly in these locations than others.
...and savings could be made
Overall, there was a wide range in prime sales prices. The average cost of a property priced over £1m varied by £1.82m across the eight postcodes we studied. Homes in SW11 (Battersea) had the lowest average price (£1.72m) while those in NW8 (St John’s Wood) had the highest (£3.54m).
It’s worth noting that London remained a standout destination for super-prime homes. There were more than 465 properties priced over £10m across the eight areas, with a £3.52m difference in the average price of super-prime homes sold in the least expensive postcode SW6 (Fulham) and the most expensive postcode NW8 (St John’s Wood).
There were deals to be done
Within London, the average discount achieved by buyers ranged from 7% to 11%. Those in NW3 (Hampstead) achieved the largest percentage discounts on asking prices. The average reduction reached £305,220 in this postcode, which was probably influenced by specific asking-price cuts made by highly motivated sellers.
Our methodology
Property market trends were determined by analysing online listings between 1 December 2023 and 1 December 2024. Prime properties were identified as those listed for sale for more than £1m.*
This index compares the performance of the property market in Greater London and nine Home Counties: Essex, Hertfordshire, Buckinghamshire, Oxfordshire, Berkshire, Surrey, Kent, West Sussex and East Sussex.
In addition, we analysed the eight London postcodes where the highest proportion of Investec clients reside: SW6 (Fulham), SW11 (Battersea), NW3 (Hampstead), NW8 (St John's Wood), W11 (Notting Hill), W2 (Bayswater), W8 (Kensington) and SW3 (Chelsea).
Property market data was exclusively provided to Investec by Homesearch Limited.
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*Data provided to Investec by Homesearch Ltd. Date range: 1 December 2023 to 1 December 2024. This content is for general information purposes only and should not be used or relied upon as professional advice. It is advisable to contact a professional advisor if you need financial advice. The information presented is subject to completion, revision, verification and amendment.
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