Prime & Place: Redefining Luxury Real Estate in a Shifting Market
- 14th July 2023
Prime & Place: Redefining Luxury Real Estate in a Shifting Market
In the world of luxury property, change is inevitable. While the broader market experiences its own fluctuations, it is the prime segment, encompassing properties priced at £750k and above, where a significant transformation is taking place. Amidst this evolving landscape, Prime & Place luxury homes estate agency, in association with Nock Deighton, emerges as a standout player. Let’s delve into the shifting dynamics of the prime market and explore why Prime & Place is the go-to agency for discerning homeowners.
Over the past year, the top four players in the prime market have witnessed varying performances. Savills and Knight Frank faced 11% and 12% decreases in instructions, respectively, while Hamptons also saw an 8% drop. Newcomer Prime & Place has gained significant market share across Shropshire, Worcestershire & Herefordshire. capitalising on its ability to connect vendors with buyers from London, creating greater demand for the area.
While the overall trend in the top decile sector points towards a 7% decrease in instructions, the industry is undergoing an evolutionary period with noteworthy exceptions. In the last 12 months, Foxtons and Fine & Country have led the growth, defying the market challenges and demonstrating their adaptability and customer-focused approach.
A closer look at the figures reveals that Savills, Knight Frank, and Hamptons experienced reductions of 8%, 11%, and 8%, respectively, when comparing FY2021 to the first half of 2023. Similarly, Dexters, Kinleigh Folkard & Hayward, Winkworth, and Chestertons saw their market shares decrease by 18%, 23%, 17%, and 17% respectively. Strutt & Parker experienced a more modest drop of 4% in market share. The top ten brands collectively shrank from 27% to 25% of the top decile market, indicating a changing landscape where new players are emerging.
In this rapidly fluctuating market, Prime & Place stands out as an agency embracing the challenges and paving the way for a new era in luxury real estate. Increasingly, we are witnessing a growing number of agents, brokers, and advisers from prominent prime brands venturing out independently, seeking a fresh and innovative approach that the established brands fail to deliver. Prime & Place has seized this opportunity, aligning its services to the evolving needs of high-end homeowners.
While mainstream real estate often commands attention, it is important to acknowledge the significance of properties priced at £750k and above. Though they may represent only 10% of total instructions, they contribute a substantial 34% to the overall value of instructions (excluding high-value off-market deals) and generate 38% of agents’ fees. These figures underline the tremendous potential in the prime market and highlight why Prime & Place is uniquely positioned to succeed in this segment.
As the prime market undergoes a transformative period, Prime & Place luxury homes estate agency, in association with Nock Deighton, emerges as a prominent player redefining luxury real estate. With a commitment to adaptability, customer-centricity, and unparalleled industry expertise, Prime & Place stands apart from the competition. As discerning homeowners seek a fresh approach to buying and selling luxury properties, Prime & Place becomes the trusted advisor, offering exceptional service and unlocking the true potential of the prime market. The future of luxury real estate belongs to Prime & Place.
For more information on how Prime & place can make your luxury home become a reality call our Head Office on 02038 111 401 or email [email protected]
