The latest Prime London Demand Index by leading lettings and estate agent, Benham and Reeves, has shown that homebuyer interest in London’s £2m+ market climbed 4% during the second quarter of 2021 when compared to the first three months of the year.
The index by Benham and Reeves analysed the ratio of homes listed for sale to those sold across the prime London market to identify where high-end homebuyer demand is at its highest, as well as how this demand has changed quarter to quarter.
£2m+ prime market
The pandemic continues to have a clear impact on homebuyer demand at the top end of the London market, with Wandsworth (+25%), Hampstead (+12%), Highgate (+9%) and Islington (+9%) all seeing some of the largest increases in demand on a quarter to quarter basis.
At 51%, Wandsworth is also home to the highest level of current homebuyer demand for homes valued at £2m and above, with Wimbledon (50%), Barnes (46%), Chiswick (45%) and Putney (44%) also home to some of the highest levels of demand across the prime London market.
£10m+ super-prime market
Across London’s very top tier of the property market, demand has remained flat at 8% between the first and second quarters of this year.
However, having seen no homes sold at this price threshold during Q1, Fulham (+50%), Hampstead (+24%) and Regents Park (8%) have seen some of the largest uplifts in demand during the second quarter of this year.
This increased rate of demand also makes Fulham and Hampstead the hottest spots within the capital’s super-prime market for current homebuyer demand, with Holland Park (21%) also ranking within the top three.
Director of Benham and Reeves, Marc von Grundherr, commented:
“Ongoing travel restrictions are continuing to prove problematic for many high-end, foreign homebuyers with their eye on a London property purchase. However, we are starting to see demand return to the top end of the London market as the year goes on.
This slow but steady return to form is one that we can expect to see continue throughout the second half of this year and this momentum certainly won’t be dampened as a result of the staggered stamp duty holiday deadlines.”
Table shows current homebuyer demand and quarterly change for London homes priced £2m and above – sorted by the largest quarterly change
Area
Prime category
June 2021 – Q2
Q Change
Wandsworth
Prime SW London
51%
25%
Wimbledon
Prime SW London
50%
6%
Barnes
Prime SW London
46%
4%
Chiswick
Prime SW London
45%
5%
Putney
Prime SW London
44%
7%
Richmond
Prime SW London
41%
0%
Clapham
Prime SW London
41%
7%
Highgate
Prime NW London
39%
9%
Islington
Prime N London
38%
9%
Notting Hill
Prime C London
30%
7%
Fulham
Prime SW London
28%
8%
Holland Park
Prime C London
25%
4%
Hampstead Garden Suburb
Prime NW London
19%
12%
Kensington
Prime C London
16%
0%
Chelsea
Prime C London
16%
2%
Wapping
Prime E London
15%
17%
Belgravia
Prime C London
14%
2%
Victoria
Prime C London
14%
1%
St John’s Wood
Prime C London
14%
3%
Maida Vale
Prime C London
13%
-3%
Pimlico
Prime C London
13%
-1%
Battersea
Prime SW London
13%
-1%
Knightsbridge
Prime C London
12%
-2%
Regents Park
Prime C London
8%
2%
Mayfair
Prime C London
7%
-1%
Canary Wharf
Prime E London
6%
0%
Marylebone
Prime C London
5%
0%
Fitzrovia
Prime C London
4%
-1%
Overall
24%
4%
Table shows current homebuyer demand and quarterly change for London homes priced £10m and above – sorted by the largest quarterly change
Area
Prime category
June 2021 – Q2
Q Change
Fulham
Prime SW London
50%
50%
Hampstead Garden Suburb
Prime NW London
24%
24%
Regents Park
Prime C London
8%
8%
Belgravia
Prime C London
10%
4%
St John’s Wood
Prime C London
7%
3%
Victoria
Prime C London
10%
3%
Marylebone
Prime C London
3%
3%
Fitzrovia
Prime C London
0%
0%
Mayfair
Prime C London
0%
0%
Maida Vale
Prime C London
0%
0%
Pimlico
Prime C London
0%
0%
Highgate
Prime NW London
0%
0%
Battersea
Prime SW London
0%
0%
Wimbledon
Prime SW London
0%
0%
Knightsbridge
Prime C London
6%
-2%
Kensington
Prime C London
10%
-4%
Chelsea
Prime C London
9%
-4%
Holland Park
Prime C London
21%
-5%
Notting Hill
Prime C London
9%
-13%
Putney
Prime SW London
0%
-50%
Overall
8%
0%
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About the Author
Established in 1958, Benham and Reeves is one of London’s oldest, independently owned property lettings and sales agents. With specialism in residential sales, corporate lettings and property management in prime areas of London, the company operates from 19 prominently located branches and 11 international offices.