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.
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£2M+ Prime London 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%||7%|
|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%|
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%|
- Data sourced from Rightmove and Zoopla
- Demand based on the number of properties under offer or sold subject to contract as a percentage of all properties listed for sale.
- Benham and Reeves is one of London’s largest independent letting and sales agents.
- Benham and Reeves is a family-run agency, established in 1958 in Hampstead, London.
- Benham and Reeves has 17 branches in prime residential London locations and five international offices in China, India, Hong Kong, Malaysia and Singapore.
- The company specialises in a tailored, end to end service for its clients in London and worldwide, from the sale or letting of a property, to property management, tax accounting, snagging, refurbishment and furnishing solutions.
- Anita has 35 years of experience within the property sector, helping to build Benham and Reeves from a single branch in Hampstead to one of the most established independent estate agents in London.
- Anita has driven the company’s vision to offer a complete range of property investment-related services from purchase to handover, furnishing and refurbishment, lettings and property management.
- Anita also helped spearhead the company’s overseas expansion in China, Hong Kong, India, Malaysia and Singapore.
- Marc von Grundherr is the Director at Benham and Reeves.
- Marc joined the business in 1995 and has extensive knowledge of the London and UK property market.