After several muted years, Prime Central London is once again making headlines-this time for positive reasons. Increased activity in Mayfair, Marylebone, Kensington and Belgravia suggests the ultra-prime sector is recovering from prolonged political and economic uncertainty.

Buyers from the US, Middle East and Southeast Asia have re-entered the market with confidence, driven by favourable exchange rates and a perception that London offers rare long-term stability in a turbulent global economy. Ernest-Brooks International recorded a 19% uptick in offers over £5 million between March and June 2024, with interest strongest in properties offering lateral space, period detailing, and private terraces.

Modern developments with resident facilities-such as 24-hour concierge, wellness centres, and valet parking-remain highly desirable, particularly when paired with proximity to heritage sites and Michelin-starred restaurants.

While stamp duty remains a consideration, many buyers are pricing this in as a long-term ownership cost, especially for pied-à-terre or family base purposes. Discreet off-market transactions are also increasing, with high-net-worth buyers seeking exclusivity and privacy above all else.

We anticipate a continued cautious optimism into Q3 and Q4 2024. Developers should be ready to re-launch high-end units with refined marketing, while vendors may benefit from more realistic pricing strategies. Ernest-Brooks International continues to facilitate some of the capital’s most strategic sales within this elite bracket-providing tailored advice to buyers and sellers who understand the nuances of this complex segment.