The start of 2024 saw continued recalibration in Prime Central London following the Bank of England’s interest rate increases in 2023. While some buyers initially paused, Ernest-Brooks International has noted a resurgence in strategic acquisitions, particularly among international investors seeking stability in London’s core postcodes. SW1, W1 and NW8 remain top performing areas, underpinned by dollar-pegged buyers and ultra high net worth demand.

Rising mortgage costs have narrowed the domestic buyer pool – yet this has also reduced competition, creating an opportunistic window for cash-rich investors. Sellers motivated by higher holding costs have become more flexible, allowing a rare value opportunity in traditionally resilient markets.

From our base in Canary Wharf, Ernest-Brooks International is seeing stronger activity on properties offering long lease terms, lateral space and private outdoor areas. Buyers remain discerning but remain active when properties are correctly priced and marketed.

We anticipate PCL will outperform wider London in 2024 due to supply constraints and global capital flows. For sellers – professional presentation, strong marketing exposure and realistic pricing will remain critical. Ernest-Brooks International’s Prime Desk continues to advise on tailored strategies that align with shifting buyer behavior.

Savills forecast a recovery into 2025, but we believe smart positioning today will secure the best outcome well before the cycle fully turns. In uncertain conditions – proactive agents make the difference.