{"id":1583,"date":"2024-04-03T09:41:47","date_gmt":"2024-04-03T08:41:47","guid":{"rendered":"https:\/\/www.benhams.com\/press-release\/?p=1583"},"modified":"2025-01-21T10:40:04","modified_gmt":"2025-01-21T10:40:04","slug":"prime-london-buyer-demand-stalls-in-q1","status":"publish","type":"post","link":"https:\/\/www.benhams.com\/press-release\/london-property-market\/prime-london-buyer-demand-stalls-in-q1\/","title":{"rendered":"Prime London buyer demand stalls in Q1"},"content":{"rendered":"

\"PrimeThe latest Prime London Buyer Demand Index by London lettings and estate agent, Benham and Reeves, shows that buyer demand for both prime London homes (\u00a32m+) and super prime property (\u00a310m+) has fallen during the first quarter of the year, with just a handful of locations seeing an increase in buyer appetites. <\/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
\nThe latest index by Benham and Reeves shows that buyer demand across London\u2019s core prime market fell by -1.7% in Q1 2024, with fewer than one in five (19%) of homes listed finding a buyer. <\/p>\n

Demand across the core segment of the prime London market was also down on an annual basis by -1.8%. <\/p>\n

Chiswick was home to the strongest level of prime London buyer demand at 49.1%, however, it\u2019s Canary Wharf that has seen the largest quarterly increase, up 7.7% since Q4 of last year. <\/p>\n

Wandsworth (+6.3%) and Fulham (+3.9%) also saw some of the strongest quarterly increases in demand, with Putney enjoying the largest annual increase at +13.3%. <\/p>\n

Super Prime Market – \u00a310m+
\nAcross the super prime London market, buyer demand remained largely static on a quarterly basis, falling by just -0.1% between Q4 of last year and the first quarter of 2024. However, when compared to Q1 of last year, super prime buyer demand has fallen by -5.5% annually. <\/p>\n

Marylebone is the hottest spot of the super prime market at present, with 6.5% of all homes listed finding a buyer in Q1 2024. <\/p>\n

Victoria has seen the strongest uplift in buyer demand in Q1, climbing by +5.6% versus Q4 2023, followed by Regents Park (+5%) and Marylebone (+3.5%). <\/p>\n

At +3.1%, Belgravia has seen the strongest uplift in super prime buyer demand on an annual basis.<\/p>\n

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

\u201cWe had seen signs that buyers were returning to London\u2019s high-end housing market but this momentum seems to have stalled during the first three months of this year and it\u2019s likely that this trend could continue with the removal of non-dom status from April next year.<\/p>\n

It\u2019s not just the prime sales market that is struggling. While London overall continues to benefit from extremely high rental demand, appetite for prime rentals has fallen, with enquiries down between four to eight percent across prime rental thresholds.\u201d<\/p>\n

\n<\/p>\n\n\n\u00a32m to \u00a310m – Table shows quarterly demand for prime London properties, as well as quarterly and annual change<\/th>\n<\/tr>\n\nArea<\/th>\nPrime category<\/th>\nQ1 2024<\/th>\nQ Change<\/th>\nAnnual change<\/th>\n<\/tr>\n\nPutney<\/td>\nPrime SW London<\/td>\n41.1%<\/td>\n-0.8%<\/td>\n13.3%<\/td>\n<\/tr>\n\nChiswick<\/td>\nPrime SW London<\/td>\n49.1%<\/td>\n-3.0%<\/td>\n11.6%<\/td>\n<\/tr>\n\nFulham<\/td>\nPrime SW London<\/td>\n25.0%<\/td>\n3.9%<\/td>\n9.4%<\/td>\n<\/tr>\n\nWandsworth<\/td>\nPrime SW London<\/td>\n31.8%<\/td>\n6.3%<\/td>\n9.4%<\/td>\n<\/tr>\n\nHighgate<\/td>\nPrime NW London<\/td>\n28.8%<\/td>\n-12.0%<\/td>\n3.8%<\/td>\n<\/tr>\n\nPimlico<\/td>\nPrime C London<\/td>\n11.1%<\/td>\n3.4%<\/td>\n1.9%<\/td>\n<\/tr>\n\nBattersea<\/td>\nPrime SW London<\/td>\n19.7%<\/td>\n3.6%<\/td>\n1.1%<\/td>\n<\/tr>\n\nMaida Vale<\/td>\nPrime C London<\/td>\n14.1%<\/td>\n3.7%<\/td>\n0.8%<\/td>\n<\/tr>\n\nFitzrovia<\/td>\nPrime C London<\/td>\n4.4%<\/td>\n-3.6%<\/td>\n0.4%<\/td>\n<\/tr>\n\nCanary Wharf<\/td>\nPrime E London<\/td>\n7.7%<\/td>\n7.7%<\/td>\n-0.3%<\/td>\n<\/tr>\n\nSt John\u2019s Wood<\/td>\nPrime C London<\/td>\n9.9%<\/td>\n-0.6%<\/td>\n-0.5%<\/td>\n<\/tr>\n\nMayfair<\/td>\nPrime C London<\/td>\n7.0%<\/td>\n-0.7%<\/td>\n-0.7%<\/td>\n<\/tr>\n\nNotting Hill<\/td>\nPrime C London<\/td>\n19.3%<\/td>\n-2.1%<\/td>\n-1.0%<\/td>\n<\/tr>\n\nMarylebone<\/td>\nPrime C London<\/td>\n5.0%<\/td>\n-2.1%<\/td>\n-1.3%<\/td>\n<\/tr>\n\nIslington<\/td>\nPrime N London<\/td>\n43.5%<\/td>\n1.7%<\/td>\n-2.4%<\/td>\n<\/tr>\n\nKensington<\/td>\nPrime C London<\/td>\n11.5%<\/td>\n-1.3%<\/td>\n-2.9%<\/td>\n<\/tr>\n\nChelsea<\/td>\nPrime C London<\/td>\n13.2%<\/td>\n-0.4%<\/td>\n-3.1%<\/td>\n<\/tr>\n\nHolland Park<\/td>\nPrime C London<\/td>\n17.3%<\/td>\n-0.4%<\/td>\n-3.3%<\/td>\n<\/tr>\n\nWimbledon<\/td>\nPrime SW London<\/td>\n31.2%<\/td>\n-9.6%<\/td>\n-3.5%<\/td>\n<\/tr>\n\nKnightsbridge<\/td>\nPrime C London<\/td>\n8.6%<\/td>\n-3.5%<\/td>\n-4.2%<\/td>\n<\/tr>\n\nRegents Park<\/td>\nPrime C London<\/td>\n5.4%<\/td>\n-10.0%<\/td>\n-4.4%<\/td>\n<\/tr>\n\nClapham<\/td>\nPrime SW London<\/td>\n37.3%<\/td>\n-11.8%<\/td>\n-4.9%<\/td>\n<\/tr>\n\nVictoria<\/td>\nPrime C London<\/td>\n8.6%<\/td>\n-2.0%<\/td>\n-5.8%<\/td>\n<\/tr>\n\nBelgravia<\/td>\nPrime C London<\/td>\n8.1%<\/td>\n-2.5%<\/td>\n-6.8%<\/td>\n<\/tr>\n\nBarnes<\/td>\nPrime SW London<\/td>\n32.3%<\/td>\n-1.0%<\/td>\n-11.3%<\/td>\n<\/tr>\n\nHampstead Garden Suburb<\/td>\nPrime NW London<\/td>\n5.7%<\/td>\n-5.9%<\/td>\n-12.9%<\/td>\n<\/tr>\n\nRichmond<\/td>\nPrime SW London<\/td>\n29.2%<\/td>\n-4.6%<\/td>\n-14.6%<\/td>\n<\/tr>\n\nWapping<\/td>\nPrime E London<\/td>\n5.9%<\/td>\n0.0%<\/td>\n-17.6%<\/td>\n<\/tr>\n\nOverall average<\/td>\n19.0%<\/td>\n-1.7%<\/td>\n-1.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n
\n<\/p>\n\n\n\u00a310m+ – Table shows quarterly demand for super prime London properties, as well as quarterly and annual change<\/tr>\n\nArea<\/th>\nPrime category<\/th>\nQ1 2024<\/th>\nQ Change<\/th>\nAnnual change<\/th>\n<\/tr>\n\nBarnes<\/td>\nPrime SW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\nn\/a<\/td>\n<\/tr>\n\nBelgravia<\/td>\nPrime C London<\/td>\n3.1%<\/td>\n0.9%<\/td>\n3.1%<\/td>\n<\/tr>\n\nVictoria<\/td>\nPrime C London<\/td>\n5.6%<\/td>\n5.6%<\/td>\n2.0%<\/td>\n<\/tr>\n\nFitzrovia<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n\nHampstead Garden Suburb<\/td>\nPrime NW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n\nHighgate<\/td>\nPrime NW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n\nBattersea<\/td>\nPrime SW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n\nFulham<\/td>\nPrime SW London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n0.0%<\/td>\n<\/tr>\n\nMayfair<\/td>\nPrime C London<\/td>\n1.9%<\/td>\n-3.8%<\/td>\n-1.4%<\/td>\n<\/tr>\n\nRegents Park<\/td>\nPrime C London<\/td>\n5.0%<\/td>\n5.0%<\/td>\n-2.1%<\/td>\n<\/tr>\n\nMarylebone<\/td>\nPrime C London<\/td>\n6.5%<\/td>\n3.5%<\/td>\n-4.1%<\/td>\n<\/tr>\n\nKnightsbridge<\/td>\nPrime C London<\/td>\n2.1%<\/td>\n-0.4%<\/td>\n-4.6%<\/td>\n<\/tr>\n\nSt John\u2019s Wood<\/td>\nPrime C London<\/td>\n3.4%<\/td>\n3.4%<\/td>\n-5.9%<\/td>\n<\/tr>\n\nKensington<\/td>\nPrime C London<\/td>\n3.5%<\/td>\n1.9%<\/td>\n-6.1%<\/td>\n<\/tr>\n\nChelsea<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n-8.5%<\/td>\n-8.3%<\/td>\n<\/tr>\n\nNotting Hill<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n-9.1%<\/td>\n-10.0%<\/td>\n<\/tr>\n\nMaida Vale<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n-12.5%<\/td>\n<\/tr>\n\nHolland Park<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n-4.3%<\/td>\n-20.0%<\/td>\n<\/tr>\n\nPimlico<\/td>\nPrime C London<\/td>\n0.0%<\/td>\n0.0%<\/td>\n-33.3%<\/td>\n<\/tr>\n\nOverall average<\/td>\n1.6%<\/td>\n-0.1%<\/td>\n-5.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\n
\n
\n Data sourced from Rightmove
\n The Prime London Demand Index by Benham and Reeves monitors demand for London\u2019s most expensive
\n properties based on the level of market activity seen between the \u00a32m to \u00a310m threshold and the super
\n 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 <\/em>
\n <\/small>\n <\/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 both prime London homes (\u00a32m+) and super prime property (\u00a310m+) has fallen during the first quarter of the year, with just a handful of locations seeing an increase in buyer appetites. The Prime London … <\/p>\n

Continue reading “Prime London buyer demand stalls in Q1”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1584,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[463],"tags":[],"class_list":["post-1583","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\/1583","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=1583"}],"version-history":[{"count":3,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1583\/revisions"}],"predecessor-version":[{"id":1823,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/posts\/1583\/revisions\/1823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media\/1584"}],"wp:attachment":[{"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/media?parent=1583"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/categories?post=1583"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benhams.com\/press-release\/wp-json\/wp\/v2\/tags?post=1583"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}