London lettings and estate agent, Benham and Reeves, has revealed that homebuyer demand in the prime London property market has climbed on both a quarterly and annual basis. 

The PCL Homebuyer Demand Index by Benham and Reeves shows demand for homes valued between £2-£10 million and £10 million and abov,e based on the ratio of properties listed online, have already sold subject to contract or gone under offer.

Buyer demand across the prime market

Buyer demand across the prime market has risen by +1% in the second quarter of this year and is up +1% on an annual basis.

The biggest annual turnaround in buyer demand have been recorded in Canary Wharf (+14%), Battersea (+10%) and Victoria (+8%).

The largest quarter uplift in demand were seen in Barnes (+7%), Highgate (+7%), Wandsworth (+6%), Wimbledon (+6%) and Maida Vale (+6%).

Anyone thinking of investing in prime properties may have to consider the areas home to he current highest demand. These locations include Chiswick and Barnes (51%) and Wandsworth (48%).

Buyer demand across the super prime market

Between the first and second quarters of this year there has been a +4% increase in buyer demand.

Benham and Reeves also reveal that 25% of all homes listed at £10 million or above already under offer or sold subject to contract. Fitzrovia, Hampstead Garden Suburb and Wimbledon are listed as the most prominent areas of the super prime market

With buyer demand climbing by a huge 34% since the start of the year, Belgravia has enjoyed the best Q2 performance.

Director of Benham and Reeves, Marc von Grundherr, commented: “It’s been a fairly slow start to the year for the prime London market and there’s no doubt the uncertainty caused as a result of the Ukraine conflict has added to the post-Christmas lethargy that traditionally dampens buyer appetites during the first quarter of the year.”

“But since then we’ve seen a real mark of intent from high-end buyers, with demand for prime homes starting to climb, particularly across the super prime market.”

“While the more peripheral areas that gained pandemic popularity are still in high-demand, we’ve also seen a strong uplift in appetite for prime homes in Canary Wharf and Victoria, which is extremely promising where the overall health of the city is concerned.”

“In addition to these more professionally focused hubs performing well, demand is also returning to the traditional prime heartlands of Belgravia and Fitzrovia and this is a sure sign that we’re in for a strong year ahead.”