The property market is a complex entity, made up of many markets, each with its own unique characteristics.
One such market is the prime property market. In this article, we’ll delve into what the prime property market is, how much it costs, and who buys it.
What is the prime property market?
The term ‘prime property market’ was first used to describe property located in parts of central London such as Mayfair, Knightsbridge, Belgravia, Kensington, South Kensington, Chelsea, Notting Hill, and St. John’s Wood.
In recent times, the prime property market is a term known for the upper-valued sector of homes in any given location.
How much does prime property cost?
The cost of prime property can vary greatly and is largely dependent on the area.
At the time of writing this blog, in the South-East Essex area (SS0 > SS9 postcodes) there are 2509 advertised properties on Rightmove in total.
Although there is no exact definition of what the prime property market is, I determine it by looking at the top 10% of highest-value homes in an area. Therefore, currently, the price range for prime property in South-East Essex (SS0 – SS9) ranges from circa £800,000 up to £3,500,000.
News For Owners Of Prime Property
Looking at data within the Southend, Rochford & Castle Point boroughs, the average sale price in the top 10% of the property market increased by 9.63% from February 2022 (£746,877) to February 2023 (£818,816).
This growth in prices is greater than the East of England as a whole, which grew by 8.55% within the same period.
If we also look at the top 5% of the property market in South-East Essex, the average sales price in February 2022 was £881,562. In February 2023 the average sales price was £974,881, a 10.58% increase within a 12-month period.
The growth in the top 5% in Southend-on-Sea, Rochford & Castle Point was greater than the East of England as a whole, which grew by 9.64% respectively.
Who buys prime property?
Prime property is primarily purchased by high net-worth individuals (HNWIs). In the London market, many of them are from abroad rather than within the UK.
Some London buyers do not even intend to live in or rent out their properties, but rather purchase them as investments or a means of storing wealth.
In our local market, many of our buyers are mature professionals or successful entrepreneurs who may already live or have local ties to the area. It’s also common for our buyers to currently live in London/West Essex and are looking for a different lifestyle.
The Essex Market
Essex has long been a popular location for wealthy individuals and families seeking a rural lifestyle within easy reach of London, with excellent transport links and a range of high-quality schools. The prime property market in Essex has experienced steady growth over the past few years, with demand driven by a combination of local buyers and investors from London and overseas.
The COVID-19 pandemic has had a significant impact on the Essex prime property market, with many buyers seeking larger properties with more outdoor space as they adapt to working from home and spending more time at home. This has led to an increase in demand for properties with gardens, swimming pools, and other amenities, as well as properties located in rural or semi-rural locations.
Overall, the prime property market in Essex remains a lucrative and attractive option for buyers looking for high-end, luxury properties in a desirable location with strong growth potential.
If you have a unique/exclusive property and are considering moving home, we have buyers searching for a variety of homes within the area. The first step would be to have an initial conversation to talk about your goals, your property value, and how you can maximise your selling price.
Whether you have a modern executive home in Thorpe Bay, a farm in Rochford, or a barn conversion in Paglesham, I’d love to hear from you.
You can reach me at the office at 01702 411146, or alternatively, you can write to me at email@example.com.
Thanks for reading,
Founder of Weavers