Homebuyer demand up across prime London market in Q2

Homebuyer interest in London’s £2m+ market climbed 4% during the second quarter of 2021..

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.”

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