{"id":1487,"date":"2024-01-05T11:25:40","date_gmt":"2024-01-05T11:25:40","guid":{"rendered":"https:\/\/www.benhams.com\/press-release\/?p=1487"},"modified":"2025-01-22T06:06:08","modified_gmt":"2025-01-22T06:06:08","slug":"prime-london-buyer-demand-up-in-q4-but-super-prime-market-continues-to-decline","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/press-release\/london-property-market\/prime-london-buyer-demand-up-in-q4-but-super-prime-market-continues-to-decline\/","title":{"rendered":"Prime London buyer demand up in Q4, but super prime market continues to decline"},"content":{"rendered":"

\"PrimeThe latest Prime London Buyer Demand Index by London lettings and estate agent, Benham and Reeves, shows that buyer demand for prime London homes (\u00a32m+) climbed during the final quarter of 2023, however, the super prime market (\u00a310m+) continues to struggle. <\/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 climbed by +1.1% in Q4 2023, with just over one in five of all homes listed finding a buyer. However, demand remains down on an annual basis, albeit a marginal drop of -0.7%. <\/p>\n

Chiswick was the hottest spot of the prime London market during the closing stages of 2023, with buyer demand levels at 52.1%. <\/p>\n

Richmond enjoyed the largest quarterly uplift in buyer demand, climbing +10.9% versus Q3, with Chiswick again performing well with a +10.3% increase. Islington (+5.6%), Wimbledon (+5.5%) and Notting Hill (+4.7%) also saw some of the largest quarterly increases in prime London buyer demand. <\/p>\n

On an annual basis, Putney (+11.4%), Clapham (+11.3%) and Highgate (+4.9%) have seen the largest uplifts in high-end market activity versus Q4 of last year. <\/p>\n

Super Prime Market – \u00a310m+<\/strong><\/p>\n

Across the super prime London market, demand fell by -3.4% in Q4 versus the previous quarter and remained some -11.9% below the levels seen in Q4 of last year. <\/p>\n

Notting Hill was the most in demand area of the super prime market with 9.1% of all homes listed above \u00a310m finding a buyer. Chelsea (8.5%) and Mayfair (5.7%) were also home to some of the highest demand for London\u2019s most expensive homes. <\/p>\n

Chelsea saw the largest quarterly uplift in demand for super prime London homes, up +8.5% versus Q3, followed by Holland Park (+4.3%) and Mayfair (+3.8%). <\/p>\n

Mayfair was the only area to see a year on year increase in super prime demand at +1.5%. <\/p>\n

Director of Benham and Reeves, Marc von Grundherr, commented:<\/strong><\/p>\n

\u201cLondon\u2019s top tier property market largely echoed the subdued market performance seen across the rest of the capital during the final quarter of 2023. <\/p>\n

However, there are signs that these cooler market conditions could be on the turn, with buyer demand starting to climb across the core prime market, resulting in many individual neighbourhoods registering strong growth. <\/p>\n

It may take some time yet before this growing market sentiment reaches the dizzying heights of the super prime market, although this segment has always been very much about quality over quantity to begin with. That said, as London\u2019s high-end homebuyers continue to return it\u2019s only a matter of time before this momentum flows up stream.\u201d<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Prime buyer demand (\u00a32m to \u00a310m) – Q4, 2023<\/strong><\/th>\n<\/tr>\n
Area<\/th>\nPrime category<\/th>\nQ4 2023<\/th>\nQ Change<\/th>\nAnnual change<\/th>\n<\/tr>\n
Richmond<\/td>\nPrime SW London<\/td>\n33.8%<\/td>\n10.9%<\/td>\n-2.6%<\/td>\n<\/tr>\n
Chiswick<\/td>\nPrime SW London<\/td>\n52.1%<\/td>\n10.3%<\/td>\n0.4%<\/td>\n<\/tr>\n
Islington<\/td>\nPrime N London<\/td>\n41.8%<\/td>\n5.6%<\/td>\n3.9%<\/td>\n<\/tr>\n
Wimbledon<\/td>\nPrime SW London<\/td>\n40.7%<\/td>\n5.5%<\/td>\n-4.1%<\/td>\n<\/tr>\n
Notting Hill<\/td>\nPrime C London<\/td>\n21.4%<\/td>\n4.7%<\/td>\n3.3%<\/td>\n<\/tr>\n
Holland Park<\/td>\nPrime C London<\/td>\n17.7%<\/td>\n3.9%<\/td>\n-3.0%<\/td>\n<\/tr>\n
St John\u2019s Wood<\/td>\nPrime C London<\/td>\n10.5%<\/td>\n3.8%<\/td>\n-4.7%<\/td>\n<\/tr>\n
Regents Park<\/td>\nPrime C London<\/td>\n15.4%<\/td>\n3.7%<\/td>\n1.1%<\/td>\n<\/tr>\n
Putney<\/td>\nPrime SW London\t<\/td>\n41.9%<\/td>\n3.6%<\/td>\n11.4%<\/td>\n<\/tr>\n
Highgate<\/td>\nPrime NW London<\/td>\n40.8%<\/td>\n2.2%<\/td>\n4.9%<\/td>\n<\/tr>\n
Knightsbridge<\/td>\nPrime C London<\/td>\n12.1%<\/td>\n1.7%<\/td>\n0.1%<\/td>\n<\/tr>\n
Clapham<\/td>\nPrime SW London\t<\/td>\n49.1%<\/td>\n1.6%<\/td>\n11.3%<\/td>\n<\/tr>\n
Fulham<\/td>\nPrime SW London\t<\/td>\n21.1%<\/td>\n1.4%<\/td>\n-0.2%<\/td>\n<\/tr>\n
Chelsea<\/td>\nPrime C London<\/td>\n13.5%<\/td>\n1.1%<\/td>\n-2.1%<\/td>\n<\/tr>\n
Kensington<\/td>\nPrime C London<\/td>\n12.8%<\/td>\n0.8%<\/td>\n-1.4%<\/td>\n<\/tr>\n
Marylebone<\/td>\nPrime C London<\/td>\n7.1%<\/td>\n0.7%<\/td>\n0.0%<\/td>\n<\/tr>\n
Wapping<\/td>\nPrime E London<\/td>\n5.9%<\/td>\n0.6%<\/td>\n-3.2%<\/td>\n<\/tr>\n
Barnes<\/td>\nPrime SW London\t<\/td>\n33.3%<\/td>\n0.0%<\/td>\n-4.5%<\/td>\n<\/tr>\n
Fitzrovia<\/td>\nPrime C London<\/td>\n8.0%<\/td>\n-0.1%<\/td>\n4.2%<\/td>\n<\/tr>\n
Belgravia<\/td>\nPrime C London<\/td>\n10.6%<\/td>\n-0.4%<\/td>\n-6.1%<\/td>\n<\/tr>\n
Victoria<\/td>\nPrime C London<\/td>\n10.6%<\/td>\n-1.5%<\/td>\n-7.0%<\/td>\n<\/tr>\n
Battersea<\/td>\nPrime SW London\t<\/td>\n16.1%<\/td>\n-1.6%<\/td>\n-2.4%<\/td>\n<\/tr>\n
Pimlico<\/td>\nPrime C London<\/td>\n7.7%<\/td>\n-1.8%<\/td>\n-5.7%<\/td>\n<\/tr>\n
Mayfair<\/td>\nPrime C London<\/td>\n7.7%<\/td>\n-2.0%<\/td>\n1.2%<\/td>\n<\/tr>\n
Maida Vale<\/td>\nPrime C London<\/td>\n10.4%<\/td>\n-2.9%<\/td>\n-3.2%<\/td>\n<\/tr>\n
Hampstead Garden Subur<\/td>\nPrime NW London<\/td>\n11.6%<\/td>\n-5.4%<\/td>\n-6.5%<\/td>\n<\/tr>\n
Canary Wharf<\/td>\nPrime E London<\/td>\n0.0%<\/td>\n-7.1%<\/td>\n-4.2%<\/td>\n<\/tr>\n
Wandsworth<\/td>\nPrime SW London\t<\/td>\n25.5%<\/td>\n-8.3%<\/td>\n-0.8%<\/td>\n<\/tr>\n
Overall average<\/strong><\/td>\n20.7%<\/strong><\/td>\n1.1%<\/strong><\/td>\n-0.7%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Super prime buyer demand (\u00a310m+) – Q4, 2023<\/strong><\/th>\n<\/tr>\n
Area<\/th>\nPrime category<\/th>\nQ4 2023<\/th>\nQ Change<\/th>\nAnnual change<\/th>\n<\/tr>\n
Chelsea<\/td>\nPrime C London<\/td>\n8.5%<\/td>\n8.5%<\/td>\n-1.0%<\/td>\n<\/tr>\n
Holland Park<\/td>\nPrime C London<\/td>\n4.3%<\/td>\n4.3%<\/td>\n-1.9%<\/td>\n<\/tr>\n
Mayfair<\/td>\nPrime C London<\/td>\n5.7%<\/td>\n3.8%<\/td>\n1.5%<\/td>\n<\/tr>\n
Knightsbridge<\/td>\nPrime C London<\/td>\n2.5%<\/td>\n0.2%<\/td>\n-2.5%<\/td>\n<\/tr>\n
Highgate<\/td>\nPrime NW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Battersea<\/td>\nPrime SW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Putney<\/td>\nPrime SW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Fulham<\/td>\nPrime SW London\t<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n
Regents Park<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n-4.2%<\/td>\n<\/tr>\n
St John\u2019s Wood<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n-9.4%<\/td>\n<\/tr>\n
Maida Vale<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n-11.1%<\/td>\n<\/tr>\n
Marylebone<\/td>\nPrime C London\t<\/td>\n2.9%<\/td>\n-1.6%<\/td>\n-8.8%<\/td>\n<\/tr>\n
Notting Hill<\/td>\nPrime C London<\/td>\n9.1%<\/td>\n-3.4%<\/td>\n0.0%<\/td>\n<\/tr>\n
Kensington<\/td>\nPrime C London<\/td>\n1.6%<\/td>\n-3.8%<\/td>\n-1.8%<\/td>\n<\/tr>\n
Hampstead Garden Subur<\/td>\nPrime NW London<\/td>\n0.0%<\/td>\n-6.7%<\/td>\n0.0%<\/td>\n<\/tr>\n
Belgravia<\/td>\nPrime C London<\/td>\n2.2%<\/td>\n-8.0%<\/td>\n-6.6%<\/td>\n<\/tr>\n
Victoria<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n-11.5%<\/td>\n-15.4%<\/td>\n<\/tr>\n
Fitzrovia<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n-12.5%<\/td>\n-20.0%<\/td>\n<\/tr>\n
Overall average<\/strong><\/td>\n1.7%<\/strong><\/td>\n-3.4%<\/strong><\/td>\n-11.9%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\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
\n of all homes listed for sale across the prime market that have already been sold subject to contract.
\n Data sourced from Rightmove and Zoopla and correct as of 28\/12\/2023\t\t\t\t<\/p>\n

<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The latest Prime London Buyer Demand Index by London lettings and estate agent, Benham and Reeves, shows that buyer demand for prime London homes (\u00a32m+) climbed during the final quarter of 2023, however, the super prime market (\u00a310m+) continues to struggle. The Prime London Demand Index by Benham and Reeves monitors demand for London\u2019s most … <\/p>\n

Continue reading “Prime London buyer demand up in Q4, but super prime market continues to decline”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1491,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[463],"tags":[],"class_list":["post-1487","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-london-property-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1487","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/comments?post=1487"}],"version-history":[{"count":3,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1487\/revisions"}],"predecessor-version":[{"id":1840,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1487\/revisions\/1840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media\/1491"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media?parent=1487"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/categories?post=1487"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/tags?post=1487"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}