November 29, 2021

UK: Prime London market sees a 5.8% increase in buyer demand

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From James Lockett Proper PR

The latest Prime Central London Demand Index for Q3 from Benham and Reeves has found that: – 

£2m+ Market

–          While demand across the prime London market has remained largely static between Q2 and Q3 of this year (-0.7%), on an annual basis, there has been a 5.8% increase for homes across London’s high-end market. 

–          Wandsworth has seen the largest annual uplift in demand at 31.6%, while Wimbledon also ranks high with a 26.5% annual increase, as does Highgate (21.5%).

–          Wapping (14.7%), Putney (13.8%), Islington (12.8%), Fulham (11.6%), Richmond (10.5%), Notting Hill (9.4%) and Chiswick (8%) also rank amongst the areas to have seen the largest annual uplift in homebuyer demand for homes prices at £2m or more. 

          £10m+ Market

–          Homebuyer demand across the very top tier of the London property market has again remained largely static between Q2 and Q3 (0.1%) but has increased 1.8% year on year. 

–          Wimbledon also tops the table where super-prime property demand is concerned. Having seen no demand for homes at £10m+ over the last year, the area has seen a 66.7% uplift in Q3 of this year – the largest annual increase of all areas. 

–          However, Notting Hill has seen demand increase by 22.1% annually, while Holland Park has also seen a double-digit uplift at 12.5%.

See the full release below:

Prime London market sees a 5.8% increase in buyer demand during Q3

The latest Prime London Demand Index by leading lettings and estate agent, Benham and Reeves, has shown that homebuyer interest in London’s high-end market has increased 5.8% annually for homes listed a £2m and above and 1.8% across the £10m+ market. 

The index by Benham and Reeves analyses the ratio of homes listed as sold subject to contract or under offer as a percentage of all homes for sale across the prime London market, highlighting where high-end homebuyer demand is at its highest, as well as how this demand has changed.

£2m+ Market

While demand across the prime London market has remained largely static between Q2 and Q3 of this year (-0.7%), on an annual basis, there has been a 5.8% increase for homes across London’s high-end market. 

Although lockdown restrictions have all but disappeared, it’s clear the pandemic is still influencing homebuyer preference at this level of the market. Wandsworth has seen the largest annual uplift in demand at 31.6%, while Wimbledon also ranks high with a 26.5% annual increase, as does Highgate (21.5%).

Wapping (14.7%), Putney (13.8%), Islington (12.8%), Fulham (11.6%), Richmond (10.5%), Notting Hill (9.4%) and Chiswick (8%) also rank amongst the areas to have seen the largest annual uplift in homebuyer demand for homes prices at £2m or more. 

£10m+ Market

Homebuyer demand across the very top tier of the London property market has again remained largely static between Q2 and Q3 (0.1%) but has increased 1.8% year on year. 

Wimbledon also tops the table where super-prime property demand is concerned. Having seen no demand for homes at £10m+ over the last year, the area has seen a 66.7% uplift in Q3 of this year – the largest annual increase of all areas. 

However, it’s London’s more traditionally prime areas that account for the largest degree of market activity at the £10m+ threshold. 

Notting Hill has seen demand increase by 22.1% annually, while Holland Park has also seen a double-digit uplift at 12.5%.

Kensington has seen an annual increase of 7.3% in buyer demand for homes at £10m or more, with Hampstead (6.3%), Victoria (3.4%), Belgravia (3.3%), Mayfair (2.9%), Chelsea (1.7%) and St John’s Wood (1.4%) also seeing some of the largest annual increases in super-prime homebuyer demand.

Director of Benham and Reeves, Marc von Grundherr, commented:

“We’re certainly not seeing a fully rejuvenated prime London market at present and the pandemic continues to play a part both in terms of where buyers are transacting, as well the ongoing absence of foreign demand due to travel complications. 

However, what we are seeing are strong signs that the market is starting to pick back up. Those areas offering a greater abundance of larger homes with more green space are still performing well but we’re now seeing demand increase in the more traditional heartlands of the prime market where there was previously little to no interest at all.

As we ease back to a full state of normality, it’s very likely that these green shoots will continue to blossom.”

Table shows current buyer demand for homes at £2m+ and the quarterly and annual change
AreaPrime categoryQ3, 2021Quarterly ChangeAnnual change
WandsworthPrime SW London54.0%3.3%31.6%
WimbledonPrime SW London53.1%3.4%26.5%
HighgatePrime NW London47.6%8.3%21.5%
WappingPrime E London23.8%8.4%14.7%
PutneyPrime SW London37.1%-6.5%13.8%
IslingtonPrime N London36.5%-1.3%12.8%
FulhamPrime SW London25.0%-2.8%11.6%
RichmondPrime SW London38.7%-2.5%10.5%
Notting HillPrime C London25.2%-4.6%9.4%
ChiswickPrime SW London43.9%-0.8%8.0%
BarnesPrime SW London44.3%-1.5%7.1%
PimlicoPrime C London14.1%1.4%6.6%
BelgraviaPrime C London14.7%0.6%5.6%
ChelseaPrime C London14.9%-1.0%5.2%
VictoriaPrime C London15.0%1.1%4.4%
Holland ParkPrime C London23.2%-2.1%4.4%
KensingtonPrime C London16.6%0.3%3.0%
MayfairPrime C London5.0%-2.2%0.5%
KnightsbridgePrime C London15.2%3.1%0.4%
Regents ParkPrime C London10.0%2.0%-0.5%
St John’s WoodPrime C London11.3%-2.4%-0.9%
ClaphamPrime SW London38.8%-1.8%-1.4%
MarylebonePrime C London3.3%-1.4%-1.4%
Canary WharfPrime E London0.0%-5.6%-3.0%
BatterseaPrime SW London9.2%-3.4%-4.5%
FitzroviaPrime C London2.4%-2.0%-4.6%
Maida ValePrime C London14.1%0.8%-7.7%
Hampstead Garden SuburbPrime NW London10.2%-9.3%-11.6%
Overall23.1%-0.7%5.8%
Data sourced from Rightmove for Q3, 2021
     
Table shows current buyer demand for homes at £10m+ and the quarterly and annual change
AreaPrime categoryQ3, 2021Quarterly ChangeAnnual change
WimbledonPrime SW London66.7%66.7%66.7%
Notting HillPrime C London25.0%15.9%22.1%
Holland ParkPrime C London14.3%-6.8%12.5%
KensingtonPrime C London10.2%0.0%7.3%
Hampstead Garden SuburbPrime NW London6.3%-17.3%6.3%
VictoriaPrime C London3.4%-6.9%3.4%
BelgraviaPrime C London3.3%-7.0%3.3%
MayfairPrime C London2.9%2.9%2.9%
ChelseaPrime C London7.9%-0.7%1.7%
St John’s WoodPrime C London4.3%-2.5%1.4%
FitzroviaPrime C London0.0%0.0%0.0%
Maida ValePrime C London0.0%0.0%0.0%
PimlicoPrime C London0.0%0.0%0.0%
HighgatePrime NW London0.0%0.0%0.0%
BatterseaPrime SW London0.0%0.0%0.0%
PutneyPrime SW London0.0%0.0%0.0%
FulhamPrime SW London0.0%-50.0%0.0%
KnightsbridgePrime C London5.7%-0.5%-0.2%
Regents ParkPrime C London8.3%0.0%-4.2%
MarylebonePrime C London2.2%-0.4%-5.9%
Overall8.0%0.1%1.8%
Data sourced from Rightmove for Q3, 2021
     

END

Notes to editors: – 

●        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.

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