![\"Prime](\"https:\/\/www.benhams.com\/press-release\/wp-content\/uploads\/2023\/09\/87-Cornwall-Garden-300x200.jpg\")
The latest Prime London Buyer Demand Index by London lettings and estate agent, Benham and Reeves, shows that overall demand for prime and super prime London property has fallen in the past quarter, but that impressive growth in some areas suggests that the capital’s traditional prime heartlands are coming back into fashion amongst high-end homebuyers. <\/p>\n
The Prime London Demand Index by Benham and Reeves monitors demand for London\u2019s most expensive properties based on the level of market activity seen between the \u00a32m to \u00a310m threshold and the super prime market of \u00a310m+. Demand is based on the proportion of all homes listed for sale across the prime market that have already been sold subject to contract. <\/p>\n
Prime Market – \u00a32m-\u00a310m<\/strong> <\/p>\n The latest index by Benham and Reeves shows that buyer demand across London\u2019s core prime market for Q3 2023 currently sits at 19.6% having fallen by -3.7% since the second quarter of this year. In terms of the annual picture, prime demand is down -5.9% compared to the third quarter of last year. <\/p>\n Clapham is the hottest spot of the core prime market, with 47.5% of all homes listed for sale between \u00a32m and \u00a310m already sold subject to contract. Chiswick (41.8%) and Highgate (38.6%) are also home to some of the highest levels of high-end buyer demand at present. <\/p>\n Clapham has also seen the largest quarterly improvement in demand, with levels climbing by 9% since the second quarter of this year, followed by Wandsworth (4.9%) and Hampstead Garden Suburb (4.1%).<\/p>\n However, on an annual basis, it\u2019s prime London\u2019s traditionally popular neighbourhoods that are once again growing in demand. <\/p>\n Fitzrovia has seen the largest increase year on year, with annual growth of 5.3%. Putney (3.9%), Regents Park (2.3%), and Islington (2.3%) have also been among the highest annual uplifts. <\/p>\n Super Prime Market – \u00a310m+<\/strong><\/p>\n Across the super prime London market, 5.1% of homes currently listed for sale have already been taken by the capital\u2019s super wealthy homebuyers. As a result, demand for London\u2019s most expensive homes has fallen by -3.8% versus Q2 of this year and fallen by -1% since this time last year. <\/p>\n Clapham is the most in-demand area of the super prime market with half of all homes listed above \u00a310m already sold. In Fitzrovia and Notting Hill, demand sits at 12.5%.<\/p>\n On a quarterly basis, Clapham has seen a 50% demand increase, followed by Fitzrovia (12.5%), and Hampstead Garden Suburb (6.7%). <\/p>\n Annually, demand in Clapham is up 50% while Fitzrovia and Notting Hill have each seen demand rise by 12.5% in the past year. <\/p>\n Director of Benham and Reeves, Marc von Grundherr, commented:<\/strong><\/p>\n \u201cWe had previously seen some strong growth in demand across the prime London market as a whole and this was largely driven by the more peripheral locations enjoying a pandemic boost in buyer appetites, coupled with returning interest from foreign shores. <\/p>\n However, market activity has cooled during the third quarter of this year and this generally echoes the wider market trends being seen across London. <\/p>\n While international buyers, in particular, have been less deterred by rising interest rates, it\u2019s fair to say that the wider economic picture has caused hesitation amongst many prime buyers. It\u2019s also important to note that the summer period does tend to bring a lull in market activity and this combination of factors has caused demand for London\u2019s high-end homes to fall. <\/p>\n With the Bank of England finally opting to freeze interest rates last week, we expect to see a market wide boost in sentiment and, as we head into what is often the busiest time of year, this will no doubt translate to an increase in prime market activity during the final quarter of 2023.\u201d<\/p>\n The latest Prime London Buyer Demand Index by London lettings and estate agent, Benham and Reeves, shows that overall demand for prime and super prime London property has fallen in the past quarter, but that impressive growth in some areas suggests that the capital’s traditional prime heartlands are coming back into fashion amongst high-end homebuyers. … <\/p>\n\n\n\n
\n Table shows current Q3 2023 demand for Prime London property (\u00a32m-\u00a310m), alongside quarterly and annual change<\/th>\n<\/tr>\n \n Area<\/th>\n Prime category<\/th>\n Q3 2023<\/th>\n Q Change<\/th>\n Annual change<\/th>\n<\/tr>\n \n Clapham<\/td>\n Prime SW London<\/td>\n 47.5%<\/td>\n 9.0%<\/td>\n 1.0%<\/td>\n<\/tr>\n \n Wandsworth<\/td>\n Prime SW London<\/td>\n 33.8%<\/td>\n 4.9%<\/td>\n -19.3%<\/td>\n<\/tr>\n \n Hampstead Garden Suburb <\/td>\n Prime NW London<\/td>\n 17.0% <\/td>\n 4.1%<\/td>\n -6.2%<\/td>\n<\/tr>\n \n Highgate<\/td>\n Prime NW London<\/td>\n 38.6%<\/td>\n 3.1%<\/td>\n -8.3%<\/td>\n<\/tr>\n \n Fitzrovia<\/td>\n Prime C London<\/td>\n 8.1%<\/td>\n 2.5%<\/td>\n 5.3%<\/td>\n<\/tr>\n \n Battersea<\/td>\n Prime SW London <\/td>\n 17.7%<\/td>\n 2.5%<\/td>\n -6.4%<\/td>\n<\/tr>\n \n Putney <\/td>\n Prime SW London<\/td>\n 38.2%<\/td>\n 1.4%<\/td>\n 3.9%<\/td>\n<\/tr>\n \n Knightsbridge<\/td>\n Prime C London<\/td>\n 10.4%<\/td>\n 1.1% <\/td>\n -2.6%<\/td>\n<\/tr>\n \n Maida Vale<\/td>\n Prime C London<\/td>\n 13.3%<\/td>\n 0.7%<\/td>\n -2.1%<\/td>\n<\/tr>\n \n Regents Park<\/td>\n Prime C London<\/td>\n 11.7%<\/td>\n 0.4%<\/td>\n 2.3%<\/td>\n<\/tr>\n \n Marylebone<\/td>\n Prime C London<\/td>\n 6.4% <\/td>\n -0.4% <\/td>\n 0.3%<\/td>\n<\/tr>\n \n Chelsea<\/td>\n Prime C London<\/td>\n 12.4%<\/td>\n -0.5%<\/td>\n -4.1%<\/td>\n<\/tr>\n \n Fulham<\/td>\n Prime SW London<\/td>\n 19.7%<\/td>\n -1.2%<\/td>\n -8.4%<\/td>\n<\/tr>\n \n Mayfair<\/td>\n Prime C London<\/td>\n 9.7%<\/td>\n -1.3%<\/td>\n -0.3%<\/td>\n<\/tr>\n \n Kensington<\/td>\n Prime C London<\/td>\n 12.1%<\/td>\n -1.4%<\/td>\n -2.9%<\/td>\n<\/tr>\n \n Wimbledon<\/td>\n Prime SW London<\/td>\n 35.3% <\/td>\n -1.8% <\/td>\n -10.3%<\/td>\n<\/tr>\n \n Victoria<\/td>\n Prime C London<\/td>\n 12.1%<\/td>\n -2.2%<\/td>\n -6.7%<\/td>\n<\/tr>\n \n Belgravia <\/td>\n Prime C London<\/td>\n 10.9%<\/td>\n -3.0% <\/td>\n -5.5%<\/td>\n<\/tr>\n \n St John\u2019s Wood<\/td>\n Prime C London<\/td>\n 6.7%<\/td>\n -4.0%<\/td>\n -3.1%<\/td>\n<\/tr>\n \n Notting Hill<\/td>\n Prime C London<\/td>\n 16.7%<\/td>\n -4.7%<\/td>\n -4.8%<\/td>\n<\/tr>\n \n Pimlico<\/td>\n Prime C London<\/td>\n 9.6%<\/td>\n -5.2%<\/td>\n -3.6%<\/td>\n<\/tr>\n \n Chiswick<\/td>\n Prime SW London <\/td>\n 41.8%<\/td>\n -6.9%<\/td>\n -15.4%<\/td>\n<\/tr>\n \n Holland Park<\/td>\n Prime C London<\/td>\n 13.8%<\/td>\n -7.1%<\/td>\n -4.2%<\/td>\n<\/tr>\n \n Barnes<\/td>\n Prime SW London<\/td>\n 33.3%<\/td>\n -9.3%<\/td>\n -34.2%<\/td>\n<\/tr>\n \n Canary Wharf <\/td>\n Prime E London<\/td>\n 7.1% <\/td>\n -12.9%<\/td>\n -10.1%<\/td>\n<\/tr>\n \n Islington<\/td>\n Prime N London<\/td>\n 36.2%<\/td>\n -13.8%<\/td>\n 2.3%<\/td>\n<\/tr>\n \n Richmond<\/td>\n Prime SW London<\/td>\n 22.9%<\/td>\n -26.2%<\/td>\n -18.4%<\/td>\n<\/tr>\n \n Wapping<\/td>\n Prime E London<\/td>\n 5.3%<\/td>\n -30.5%<\/td>\n -3.4%<\/td>\n<\/tr>\n \n Overall average<\/th>\n 19.6%<\/th>\n -3.7% <\/th>\n -5.9%<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n \n\n\n
\n Table shows current Q3 2023 demand for Super Prime London property (\u00a310m+), alongside quarterly and annual change<\/th>\n<\/tr>\n \n Area<\/th>\n Prime category<\/th>\n Q3 2023<\/th>\n Q Change<\/th>\n Annual change<\/th>\n<\/tr>\n \n Clapham<\/td>\n Prime SW London <\/td>\n 50.0%<\/td>\n 50.0%<\/td>\n 50.0%<\/td>\n<\/tr>\n \n Fitzrovia<\/td>\n Prime C London<\/td>\n 12.5%<\/td>\n 12.5%<\/td>\n 12.5%<\/td>\n<\/tr>\n \n Hampstead Garden Suburb<\/td>\n Prime NW London<\/td>\n 6.7%<\/td>\n 6.7% <\/td>\n -1.0%<\/td>\n<\/tr>\n \n Belgravia<\/td>\n Prime C London<\/td>\n 10.2%<\/td>\n 3.5%<\/td>\n -3.6%<\/td>\n<\/tr>\n \n Notting Hill<\/td>\n Prime C London<\/td>\n 12.5%<\/td>\n 3.4%<\/td>\n 12.5%<\/td>\n<\/tr>\n \n Victoria<\/td>\n Prime C London<\/td>\n 11.5%<\/td>\n 0.4%<\/td>\n -0.5%<\/td>\n<\/tr>\n \n Mayfair<\/td>\n Prime C London<\/td>\n 1.9%<\/td>\n 0.3%<\/td>\n -0.6%<\/td>\n<\/tr>\n \n Fulham<\/td>\n Prime SW London<\/td>\n 0.0%<\/td>\n 0.0%<\/td>\n 0.0%<\/td>\n<\/tr>\n \n Regents Park<\/td>\n Prime C London<\/td>\n 0.0% <\/td>\n 0.0% <\/td>\n -4.3%<\/td>\n<\/tr>\n \n Highgate<\/td>\n Prime NW London<\/td>\n 0.0%<\/td>\n 0.0%<\/td>\n -16.7%<\/td>\n<\/tr>\n \n Marylebone<\/td>\n Prime C London<\/td>\n 4.5%<\/td>\n -0.3%<\/td>\n -5.1%<\/td>\n<\/tr>\n \n Knightsbridge<\/td>\n Prime C London<\/td>\n 2.3%<\/td>\n -1.8% <\/td>\n -3.4%<\/td>\n<\/tr>\n \n Chelsea<\/td>\n Prime C London<\/td>\n 0.0%<\/td>\n -2.0%<\/td>\n -10.3%<\/p>\n \n St John\u2019s Wood<\/td>\n Prime C London<\/td>\n 0.0%<\/td>\n -3.2%<\/td>\n -3.6%<\/td>\n<\/tr>\n \n Kensington <\/td>\n Prime C London<\/td>\n 5.5%<\/td>\n -6.5%<\/td>\n -1.0%<\/td>\n<\/tr>\n \n Maida Vale<\/td>\n Prime C London<\/td>\n 0.0%<\/td>\n -11.1%<\/td>\n 0.0%<\/td>\n<\/tr>\n \n Holland Park<\/td>\n Prime C London<\/td>\n 0.0%<\/td>\n -13.0% <\/td>\n -4.8%<\/td>\n<\/tr>\n \n Wimbledon<\/td>\n Prime SW London<\/td>\n 0.0% <\/td>\n -50.0% <\/td>\n -25.0%<\/td>\n<\/tr>\n \n Overall average<\/th>\n 5.1%<\/th>\n -3.8%<\/th>\n -1.0%<\/th>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"