The latest analysis of the prime London property market from estate agent Savills celebrates the resilience of prime London prices in the run-up to the general election and predicts a stronger performance in the second half of the year now that “most uncertainty is behind us”. In the Prime Outer London neighbourhoods that London Richmond invests in – including Battersea, Wimbledon and Chiswick – a continued supply-and-demand imbalance for family houses has supported values.

"With uncertainty easing and a base rate cut expected, Prime Outer London is poised for renewed demand"

The Labour government’s plans to introduce VAT on private school fees could see more demand filtering into these areas as they have some of the best state schools in the country, which may in turn increase the house price premiums that are already evident in these desirable areas. With the expectation of a fairly imminent fall in the Bank of England base rate, Savills predicts renewed demand across Prime Outer London, where buyers are most reliant on mortgage finance.London Richmond maintains its prediction of house price rises in London of 5% in 2024 and 10% in 2025.