2024 was a defining year for United Kingdom Sotheby’s International Realty —a year that cemented the brokerage’s position as the frontrunner in London’s super prime real estate niche.
Since launching, the company has risen up the ranks, commanded the industry’s attention, and set a new benchmark for success, anchored by a repertoire of record-breaking sales, impressive revenue growth, and a team of top-tier brokers.
This success story is of profound significance on many counts, and a testament to the power of a bold vision, enterprise, and grit. With the dawn of a new year comes the opportunity to reflect on the milestones that have shaped UK Sotheby’s International Realty’s remarkable journey.
Rising to the Challenge
Having turned heads in the industry with an uptick in revenue and a series of high-profile hires, UK Sotheby’s International Realty journey in 2024 presented a path ridden with hurdles and equally rewarding successes.
With the United Kingdom going through a seismic government change, investors were bracing for a vitiated market, created by a £40 billion tax hike and political instability. However, even at the heels of the much dreaded Budget and its tax implications, the company's strategically placed offices across Prime Central London – Mayfair, Marylebone, Knightsbridge, and St. John’s Wood – all witnessed heightened market activity. UK Sotheby’s International Realty transacted multiple record-breaking deals in more than 50 per cent of London’s prime postcodes, demonstrating the company’s dominance in the region and investor confidence in the market.
Significant Sales
2024 saw UK Sotheby’s International Realty achieve a total revenue of £1.2 billion, a substantial increase from the previous year. Fortifying this impressive figure are several record-breaking deals completed across London’s most affluent neighbourhoods which positioned the company as the market leader in London’s £10mn+ and 20mn+ property segments.
UK Sotheby's International Realty orchestrated the highest-value sale of the year in Marylebone closing on a £22.5m trophy home, besides securing Primrose Hill's record-breaking rental deal of the year with a stunning penthouse. The contracts were exchanged right before the announcement of the Budget, a period when most buyers were cautiously employing a wait-and-see approach.
In Belgravia, the company transacted the sale of a £33m townhouse, which was the locale's highest-value deal in 2024. Another landmark transaction was a magnificent home in Launceston Place, Kensington, where a record per-square-foot price was set, making it one of the most expensive homes sold on the historic street.
Record lettings prices were also achieved in Fitzrovia and Westminster. The sale of a mansion on Bishop’s Avenue was another extraordinary feat, reflecting the company’s stronghold in London’s Billionaires Row.
Industry Recognition
UK Sotheby’s International Realty’s success did not go unnoticed in the industry. Quite the opposite, in one of the most defining moments for the team, the company was honoured with the Grand Prix for Private Client Firm of the Year at the 2024 Spear’s Awards. This acclaimed title, which celebrates organisations that provide outstanding service to (U)HNW individuals, illustrates UK Sotheby’s International Realty’s distinguished stature in the wider private client industry.
Significantly, this isn’t the only stamp of approval from Spear’s, as nine of the company’s brokers were featured on the magazine’s ‘Top Brokers of the Year’ Index.
Expanding Team
UK Sotheby’s International Realty expanded its team by acquiring brokers with a wealth of experience in key international markets like the US, Middle East, and Europe. Truly reinforcing the company's "global perspective, local expertise" ethos, this buildout is servicing a clientele that is 71% international. Additionally, pushing the company’s boundaries beyond the Prime Central London stronghold, estate agents specialising in North London and South West London have been brought into the fold.
New Bespoke Services
The Family Office
Building on the Sotheby’s legacy of guarding the world’s finest possessions, UK Sotheby’s International Realty has founded The Family Office – a one-stop shop for trophy real estate and ultra-exclusive assets. Led by Marcus O’Brien, (U)HNW clients gain unrivalled access to the most unassailable echelons of the luxury industry, from highly exclusive properties that haven't been listed on the market, to treasures from the Sotheby’s Auction House or advisory from Sotheby’s Financial Services.
UK Sotheby’s International Realty’s Country Retreats
With a huge surge in buyer interest in the English countryside, the company has established a new office in Downham, dedicated to magnificent country properties in and around Surrey, Berkshire, and the Cotswolds. Some of these cherished residences on the market include a 20,000 sq. ft. Palladian mansion in the Isle of Man, an exceptionally refurbished waterfront home in Dorset, and a rare Grade I-listed townhouse in Bath. Recently, a 20,880 sq. ft. estate in Tunbridge Wells, enveloped by mature forests and ancient woodlands, was sold at guide price.
Final Thoughts
Managing Partner Claire Reynolds attributes this triumphant year to her team’s admirable tenacity and the company’s bold ambition: “When we embarked on this journey a year ago, we were on a mission to disrupt the luxury real estate industry. Today, UK Sotheby's International Realty is one of the leading key players in the market, and we couldn’t be more proud. Our trajectory has been nothing short of extraordinary and reflects the unique expertise of our team and our unquestionable commitment to excellence. These record achievements become the foundation for the next ones and set the stage for what’s to come: a buoyant market defined by value, confidence, and success.”
